Anticipating the future of commercial real estate is just like anticipating the future of this world since commercial real estate is an inherent part of this universe. It entails question like how will we conduct business and how will shop. Commercial real estate is here to serve the economy and the society.
The commercial real estate is continually changing. It has been burdened by the transformations in demographics, economy, technology and other realistic trends. Whatever the circumstances will be, it is anticipated to flourish in 2039.
Nevertheless, here are some major predictions about the future of global commercial estate.
Extinction of shopping malls
E-commerce has made its place in the economic arena. It has been predicted that malls will continue to decline due to an ever-increasing rise in e-commerce. There are several stores that have continues to lose market shares to online retailing. Established places like shopping malls are predicted to turn into centers where people can come together. It would basically turn into community centers.
The world will be substantially urbanized by 2039. This is a thing that most of the experts are sure about. We are witnessing massive development. There will be an increment in number of megacities. However, this doesn’t mean that suburbs would die. They would transform into somewhat urban cities. Since the businesses are consider location a very important role, it is driving the trend a lot towards urban areas.
Transformation of workplace
This one was pretty obvious to laymen as well. Work spaces are massively transformed into better places as a result of advancement in technology. Future offices will look moreover like today’s technology campuses. Offices would be operating on technological tools to stay connected with the local and international markets. Conventional means would be undermined after inception of digital tools on a large scale.
For a better accommodation of workplace, the offices would operate as smart buildings. In the context of security, a whole new transformation would take place. Technology would be tailored to maximize safety and protection.
More workforce diversity
In earlier times, majority of the fields were dominated by men. The trend is undergoing a change now. The commercial real estate is following the trends of the business world. Real estate companies are now looking for a more diverse workforce that would have a direct impact not only their regular operations but also the results. It has been foreseen that a more diverse workforce would be in the field of commercial real estate within no time.
The current generation doesn’t think like their predecessors used to. Instead they have a desire to live in places that are open 24/7 rather than those that traditionally shuts down at 9 pm. This has a radical effect on retail. Millennial are more focused on retail based on experience and occasion. They are more likely to spend on food and entertainment than other things. This would bring a massive change in the field of commercial real estate.…