As every generation arrives at adulthood, they bring with them an overarching shift in culture and lifestyle. As Gen Z looms ever larger in American life, the changes they bring in the realm of commercial real estate may seem subtle right now but have the potential to be seismic. This generation is focused on people, the environment, and technology.
From Cube to Coworking
Gen Z has a strong sense of community and for them, work/life balance is really important. Working remotely is becoming more common across industries and including commercial real estate development, both because it advances Gen Z work/life balance goals and also recognizes the environmental impact of commuting to an office every day. Instead of traditional office buildings with smaller offices and cubes, Gen Z is more likely to appreciate coworking spaces for gathering.
An Emphasis on Tech
If you thought commercial real estate development deals move fast now, wait until your workforce is full of Gen Z professionals. They grew up with technology and place a high value on their ability to get things done, and quickly. Technology tools that advance a commercial real estate developer’s work will become more common. That emphasis on tech will spill over into the actual real estate development, too; Gen Z expects that building are equipped for current and anticipated technology needs, and that will factor into development work.
Rethinking Brick and Mortar
While no one is assuming that brick and mortar stores are going away, Gen Z places a higher importance on experiences over things. As such, the nature of commercial real estate may change dramatically. A full complement of products isn’t necessarily the future of a retail shopping area when Gen Z is accustomed to shopping online and fast shipping. New restaurant models may need to reconfigure the ratio of dining room to kitchen space because of Gen Z’s comfort with ordering food for delivery so that they can enjoy meals at home with family and friends.
Contact a Commercial Real Estate Firm in Denver to Reach Gen Z
Every generation brings with it new challenges and opportunities for the status quo, and Gen Z is no different. As they make their mark on American life, Denver will be no exception, and neither will commercial real estate development. By striving to meet their needs and wants, commercial real estate development firms will have to be creative and adaptable. Contact CenterPoint Integrated Solutions today to reach Gen Z with your next commercial real estate development project!
Commercial real estate development often gets a bad rap at the community level in Denver. And in many cases, that’s understandable. Companies can come and go while most homeowners and small business owners have ties that prevent them from moving away during an economic downturn. Residents may also have concerns about changing the feel or identity of their hometown, and might worry about the environmental impact of new commercial developments. But real estate developers can also bring some important benefits to a community, too.
A Boost to the Local Economy
A real estate development firm works hard to choose a site that’s in the best interest of their client and the community. No property owner wants an adversarial relationship with the neighbors. And so it is that commercial real estate development seek to improve the local economy, too. In addition to the jobs that come from construction, the stores, offices, and businesses that locate on that property will create new jobs. Additional commercial real estate developments can also contribute to lower property taxes overall because they add to the overall tax base.
Commercial real estate development is often thought to strain a community’s infrastructure but that doesn’t have to be the case. Developers often work with communities to minimize and mitigate their additional resource needs; in fact, they often have a role in funding necessary improvements that benefit existing residents and the new commercial development alike. Common infrastructure improvements can include building or improving traditional things like roads, water and sewer pipes, and sidewalks as well as high-tech things like high-speed Internet and fiber optic cable.
Better Community Engagement
When a commercial real estate development firm in Denver looks to place a commercial real estate project, they too want the best for the community that will include their client. A new venture can lead to increasing property values and a turnover from absentee landlords to resident homeowners, who are more involved in schools, civic organizations, and local government. Business can come back to fill empty storefronts. People take greater pride in their homes and communities for the benefit of all, commercial and residential community members.
Contact a Commercial Real Estate Developer in Denver Today
While many communities in the Denver area may be apprehensive about new real estate development, a balanced look at the concept shows several ways by which real estate developers can actually help improve a city, town or village in the long-term. Contact CenterPoint Integrated Solutions today and start building your community!