The real estate market is constantly changing, and it can be hard to keep up with the latest trends. But if you want to stay ahead of the curve, it’s essential to know what’s happening in the industry. Frank Farricker, the principal of Lockwood and Mead Real Estate LLC in Greenwich, Connecticut, will discuss some of the most exciting development trends expected to occur in 2022 and beyond. So whether you’re a real estate agent or just someone interested in the market, read on for some valuable insights!
The Growth Of “Smart” Buildings
Another trend that we’re seeing is the growth of “smart” buildings. These buildings are equipped with advanced technologies that allow them to be more energy-efficient, safe, and comfortable for occupants.
One of the most famous examples of an intelligent building is the connected home. This is a home that has been outfitted with sensors and other devices that allow it to be controlled remotely via a mobile app. For example, you can use your smartphone to turn on the lights, adjust the temperature, or unlock the door.
But it’s not just homes getting more innovative, says Frank Farricker. Commercial buildings are also starting to adopt these technologies. For instance, many office buildings now have sensors that track occupancy levels and adjust the temperature accordingly. This can help to save energy and money for the building owner.
Changing Demand For Luxury Properties
As the economy shows signs of slowing, there is still an incredible amount of equity in the market. These two motivations will manifest themselves in a change in the type of demand for luxury properties in all markets.
The changing demands of high-net-worth individuals (HNWIs) have everything to do with this trend. Luxury real estate is one of the most popular investment options for HNWIs, but changing rules and perceptions are making capturing this cohort more challenging that any other time in the past
Identifying the new drivers to acquisition is the most important way to keep and maintain this clientele. There will be a more important effort to maintain security in information with HNWI’s, there will likely be a change in the former locations that attracted these individuals, such as New York and San Francisco. New industries and political factors could send these people to sunbelt areas like Texas, or conversely into more rural areas with access to major cities
Frank Farricker says, As a result of these trends, developers need to have creativity and good market intelligence. Finding places that are attractive in multiple senses is key to the creation of real estate wealth with HNWI’s.
A Focus On Sustainable/Environmentally Friendly Design
One of the most critical development trends we’re seeing is focusing on sustainable/environmentally friendly design. This is especially true in light of the recent climate change crisis.
As a result of this trend, we’re seeing more developers build homes and commercial buildings that are energy-efficient and made with sustainable materials. For instance, many new homes are now being built with solar panels, green roofs, and other features that help to reduce their environmental impact.
What’s more, we’re also seeing a growing number of “net-zero” buildings designed to produce as much energy as they consume. This is a significant trend because developers are starting to think about ways to make their buildings more sustainable in the long term. It is critical that sustainability be at the forefront of development, especially as generations evolve.
Final Thoughts
These are some of the most crucial development trends that we’re seeing in real estate. These trends are having a significant impact on how homes and commercial buildings are being designed, built, and sold. And they’re only going to become more critical in the years to come. So if you’re involved in the real estate industry, it’s essential to stay up-to-date on these trends.
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