Current changes to the real estate development process that are here to stay

[Trapani Adela]

Due to innovative technologies, home buyers can now take advantage of improved services when home hunting. Here are some examples.

No one can deny that the pandemic era sped up digitisation throughout many markets, but the property industry in particular has seen rapid growth thanks to some newly-established digital solutions. For example, the typical real estate development company provided virtual tours to home buyers as part of a progressive method deployed at a time where physical contact needed to be lowered to the outright minimum. Thanks to innovative tech like AR and VR, lots of customers put deposits on properties without even entering them. Following the success of this technique, real estate developers took it one step further to show simulated video footage of homes that are still being built to offer purchasers the chance to buy just before the home formally hits the marketplace. As such, people like the founder of the activist investor of Hammerson would appreciate that virtual house staging can be an essential factor in the leading residential real estate development patterns during the present age.

The popularity of remote and hybrid working patterns led the way for the development of lots of opportunist property development approaches that helped companies smoothly transition to working from home with extremely little disruption. A great example on this is the greater emphasis put on developing secure and efficient self-storage units for businesses that want to store hardware and workplace paraphernalia in a safe location. The market need for storage systems developed suddenly and grew exponentially as businesses were given very little time to move most of their operations online, so real estate development firms needed to respond to increasing demand quite quickly. Seeing that storage systems do not require intricate design and no upkeep to mention; the development and construction process didn't take long to finish. In this context, people like the CEO of the hedge fund that has shares in Public Storage would agree that the provision of these spaces was mostly deemed a win-win.

Most market professionals would agree that fast and massive commercial real estate development jobs were the most popular post-pandemic. In fact, the building and construction of huge retail parks in the borders of big metropolises attracted a good deal of public and investor interest thanks to the services that these developments offer. Firstly, shoppers typically prefer retail parks because they can get all their shopping carried out in one location rather than having to jump from one area to another. Secondly, retail parks boast a range of recreational activities as they typically include a choice of dining establishments, movie theaters, day spas, and gyms-- making them an ideal day out location. Additionally, given that they tend to be found on the fringes of largely populated cities, individuals like the CEO of the fund with stocks in Prologis would tell you that consumers can likewise take the opportunity to have a walk in a nearby park or merely take pleasure in the fresh air of the suburbs.