As developers anticipate the next big trends in California real estate, they may look next to the youth of Generation Z. This generation that follows the Millennials consists of people born in 1996 or later. While many members of Gen Z are too young to purchase commercial real estate, the oldest individuals are graduating from university, entering the workforce and developing their own property and investment portfolios. By paying attention to youth trends as well as timeless needs for real estate developments, investors and designers can create projects that will retain their appeal and utility for many years to come.
Trends in housing point at this direction. Multifamily apartment or condo buildings are opting for more technical integration, including connected buildings, “smart home” services and the most advanced wiring for speedy service. In addition, many young people are interested in earth-friendly construction, so sustainable materials and certifications of eco-friendly developments not only can add to their current appeal, but to the long-term viability of the projects. Young people are also interested in mixed-use developments that allow people to live a walkable, urban lifestyle even in a suburban location.
Of course, youth trends aren’t limited to housing preferences. Young people are continuing to drive the expanded growth in online commerce. As people increasingly turn to the internet for many of their shopping needs, there is a growing demand for additional warehouse spaces and fulfillment centers. Many individuals also expect their deliveries quickly, so more of these industrial properties will need to be constructed closer to urban centers.
Commercial real estate projects present exceptional opportunities for long-term profits. They also can result in cost overruns or production delays, causing serious disputes. A real estate attorney can help builders, buyers or contractors protect their interests and rights under the contract in any construction dispute or litigation.