As business and commercial real estate brokers, we address numerous concerns from our clients that are at the forefront of so many people’s minds these days. Although there are numerous factors that make buyers, sellers, lenders, and equity investors nervous, we need to take a deeper look at some of the current societal issues.
When one takes into account the rising conflict within and outside of our nation’s borders, it is relatively easy to become concerned, especially when major legislation changes such as Brexit and the United States’ immigration reform are looming on the horizon.
However, given the emphasis that both legislators and citizens have placed on ensuring people are given their most fundamental rights – such as safety, access to affordable housing, and so on – there seems to be enough movement in the right direction to prevent this factor from becoming a full-blown issue.
Rapidly spreading wildfires, catastrophic hurricanes, and detrimental flooding have ravaged the nation not only over the past several decades, but over the past several weeks especially. Those natural disasters, combined with the fact that sea levels are forecasted to rise over 14 inches by the year 2100, puts climate change at the forefront of many developers’ minds.
However, there are steps that can be taken to further protect structures against the worsening elements, such as: constructing fences, relocating electrical systems to higher levels, and pushing for proper construction. Just so long as certain protocol is followed and taken seriously, the real estate industry should be able to substantially mitigate the damage climate change could do to the industry.
It is no secret that there is a major generational divide – most notably between millennials and baby boomers – as they are the largest generations in our nation. The differences between these two generations are inherently value-based, as millennials are more inclined to choose convenience and speed and baby boomers prefer a more laid-back way of living.
Although this difference is often attributed to the younger generation’s affinity for technology, it translates to the choices they make in settling down, choosing where to live and, ultimately, when and if they choose to become homeowners. However, the millennial generation’s preferences are also driving commerce and the upgrading of urban – and even suburban – hubs to accommodate their lifestyles. Therefore, it seems as though this transitionary period will work to developers’ benefits in the long-run.