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5 Hot Trends in Real Estate Developments
Giffels-Webster Engineers, a civil
engineering firm in suburban Detroit, identifies five top trends in
real estate and development. The trends are:
- Green building
and design. Increased
pressure on communities and businesses to promote environmentally
sound designs has led developers to incorporate green elements into
their projects. A plan to develop a parcel of land for retail might
include green roofs, rain gardens, or gutter water retention and
irrigation systems. LEED-certified environmental experts soon will
become "must-have" team members as demand for energy efficient,
healthy spaces grows stronger.
- Assisted living
centers. Assisted
living developments are on the rise due to higher life expectancies
and the influx of aging baby boomers. By helping seniors lead
independent lives in noninstitutionalized environments, these
projects are designed to incorporate nature trails, community
dining, exercise facilities, music rooms, libraries, salons, and
game rooms. Opportunities exist to work with both private
developers and public government-funded projects.
- Hospital
expansions, education campus additions. The hospital and education expansion trend is
fueled by institutional projects being funded privately though
corporate gifts and individual endowments. These "recession-proof"
resources mean even during economic downturns, the market segment
moves forward with plentiful building and capital improvement
projects.
- Mixed-use
developments. Mixed-use
developments are growing popular today because they reduce risk.
Retail and residential can adjoin each other, and it's common to
see large, national retailers combined with smaller, boutique-type
stores, as well as housing varying by size, budget, and amenities.
With this approach, the developer's investment is spread across the
spectrum so it remains viable even if one segment does not perform
as expected.
- Urban
revitalization. To
attract and keep people in their communities, municipalities and
townships are working to make their downtowns, retail hubs, and
central business districts more inviting and accessible.
Streetscape improvements, including attractive landscaping,
decorative streetlights, brick sidewalk pavers, and strategically
planned parking areas, are examples of how municipalities are
proactively transforming their space to appeal to potential and
current residents.
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Posted: 7:10 AM, Sep. 15, 2007 |
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