Industry insights, market outlook reports and commercial real estate
news, and trends from the Coldwell
Banker Commercial brand.
You may think that communal living ends after college… but think again. Co-living is a new trend that’s growing in popularity – so if you haven’t been hearing about it yet, you likely will soon. Co-living, a living setup in which the bedrooms in a building are private but basically everything else is communal, has received a bad rap, destined for only the most adventurous of souls.
If you’ve spent any time in the real estate industry at all, you’ve likely heard all about smart technology and how it is being incorporated into today’s multifamily housing. From smart locks and smart lockers to smart lights and smart speakers, today’s smart home technologies seem endless — and they’re improving the rental experience for both tenants and property managers. But how?
When the coronavirus began spreading around the world earlier this year, massive and across-the-board shelter-in-place mandates created a gigantic social experiment involving remote working. And now that we’re several months in, it seems people who can work from home typically like doing so.
For the past several years, the multifamily industry has catered to the wants and needs of the Millennial generation, thinking of them as they update their community or add new amenities. When Millennials wanted to move into downtown urban markets, the multifamily industry responded by renovating empty warehouses and building high rises.
COVID-19’s impact on the 2020-2021 school year’s leasing is the main uncertainty in the student housing sector. Various factors make the student housing occupancy outlook uncertain, such as when students will return to campus or online-only learning, if or when they will sign new leases, and whether they will require future “outs” or reimbursement provisions for similar future events.
Lease renewal may be an annual event for any resident; however, retaining residents should be a top priority for management and staff all year long. One of the best ways to maintain residents is to keep them engaged. Creating an environment residents love and where they want to live is more than having fresh cookies or drinks set out in the leasing office.
Since COVID-19 is spread largely by people coming into close contact with one another (within 6 feet), apartment buildings and multifamily dwellings are at higher risk, with an increased risk of an infected tenant unintentionally spreading the virus to neighbors and other residents. This phenomenon is known as community spread.
2020 marks the start of a new year and, perhaps more excitingly, a new decade. And while economic and real estate cycles do not revolve around the calendar year – aside from any actions resulting from changes in calendar year tax policy – it is still a great time to reflect on what real estate decisions were successful and which may require rethinking in the year(s) ahead.
Since CRE gives physical shape to the industries around us, it can change the game globally. We’re seeing this happen now in the country’s most popular tech-fueled metros. The commercial real estate industry is rewriting the script for hot spots like San Francisco, San Diego, Phoenix, Los Angeles, and many others.
As any commercial real estate professional will tell you, the industry has witnessed several changes, including economic impacts, industry trends, market challenges, and more. When looking at commercial real estate, it is crucial to focus on generational activity and lifestyle trends.