Property Rights Law Firm, P.A.

Commercial real estate looks to youth markets

The commercial real estate market is changing with the time, and many developers are showing an interest in reaching out to "Generation Z," the term used to label people born in 1996 or later. Younger than the Millennials, the oldest members of this generation are beginning to graduate college, enter the workforce and purchase or invest in property. As a result, developers are thinking about how to tailor projects to reach this rising audience for new construction. Brand strategists advise incorporating community spaces, earth-friendly materials and "gig economy"-welcoming environments in order to reach this audience.

Multifamily apartment buildings are one major sector of commercial real estate development. There are a number of factors that are important to young people when choosing a home, but technology can be key. Wiring that allows people to access fast connections can be a great selling point along with connected hands-free, "smart home" technologies. In addition, eco-friendly construction is of particular interest to young buyers or investors. By choosing sustainable materials or seeking certification for sustainable building practices, developers can have long-term appeal to young buyers. In addition, mixed-use developments continue to inspire great interest for those interested in a walkable, urban lifestyle.

Restaurants are always an important part of a mixed-use or retail development. Even as online shopping grows in influence and market share, many people want the community experience of going out to eat. However, food delivery services are also increasingly popular. Restaurants moving forward may be built with bigger kitchen and smaller dining rooms.

When people are considering investing in a commercial real estate project, a real estate attorney can advise prospective investors about the viability of the project and review the contracts in order to protect his or her client's stake. A lawyer can help real estate investors to protect their interests and resolve emerging disputes.

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