Cities all throughout the world are going through a modern day architectural renaissance. Urban real estate is being affected with large societal and economic changes creating a new environmental of transformation.
Millions of millennials are converging to large cities where the most advanced small businesses and entrepreneurial markets have begun evolving. With the advent of the lucrative online business, the demographic has changed the demand and supply status quo.
Mixed-income models and affluent young families have boosted the job growth in advanced industries, attracting graduates from all over the world. This means the average salary has also increased and thus, higher demand for high-quality commercial and residential real estate.
Integrated technology is essential
What’s playing a major role in the urban renaissance is the need for homes to have automated technology as standard.
Home systems are currently able to calibrate with WiFi to show weather and temperature changes, monitor energy consumption, present a tougher challenge with stronger security and to communicate with other each other.
Light switches, devices, locks can all be remotely commanded with smartphone apps or via tablet control.
Homebuyers are staving off buying homes because of amazing apartment rentals with all the bells and whistles. In the urban environment, they can feature amenities like gyms, entertainment rooms as well as open, customizable floorplans with large spacious rooms.
Couples living in these home apartments are enjoying walk-in closets, wood style flooring, private balconies and Quartz countertops and advanced alarm systems.
Advanced industries congregating
Advanced industries such as pharmaceuticals, medical equipment, aerospace manufacturers, communications companies, engineering and mathematics industries and advanced computer technology brands are flocking to invest in urban real estate. This is so they can be first to get the choice of young talent after they graduate from the plethora of research universities; mainly found in capital cities.
As these advanced industries become the all important drivers of the global economy, competitiveness is increasingly depending on a flourish metropolitan real estate market that caters for the hungry and ambitious youth.
More people possess university degrees than ever before, so it’s clear to see why the jaws of the urban real estate market wish for them to all congregate in arm’s length of their headquarters, factories, and laboratories.
Real estate professionals should prepare to build the essential facilities and incorporate their unique designs and styles to stand out and offer something the competition isn’t in order to attract the most high-income talent from all over the world.
Comprehensive in design
Building companies are more attentive to the use of material and construction practices that minimize the impacts on the environment.
Climate change is a very important issue for the younger generation, and so, organizations are advocating for less and fewer homes reliant on fossil fuels. Urban leaders have looked for solutions to mass produce homes and apartments that are focused on green energy, such as solar panels, wind energy, and small CO2 footprint home appliances.