As we enter a new normal, some may presume that the property and real estate sector might seem the same as it was prior to the COVID-19 pandemic. However, it isn’t. Many markets and sectors have changed forever, with totally new trends coming in amid all the recent happenings, from inflation to other economic hurdles.
This may beg professionals to wonder what they can expect in 2023, especially in the terms of sustainability in real estate. You can delve deeper into such trends by taking a sustainable real estate course, but let’s look into the major ones to watch out for now to build a sustainable and future-proof business.
1. Smarter Urban Environments
When thinking about building design and land use when planning for urban development, traditional processes would have various constraints. For starters, data-driven designs are challenging, as there are numerous factors to consider, such as feasibility, economics, social governance, capital investment, land use, and the like.
Moreover, the planning output would represent a fixed state based on today’s problems while the development process can take years. As such, it’s more vulnerable to any shifts and changes in the market or environmental and social context.
2. Focusing on ESG Issues
Environmental, Social, and Governance (ESG) issues are one of the tops focuses in the real estate industry today. Thus, companies must respond to meet the growing tenant, employee, and investor expectations.
In fact, the 2022 Deloitte Center for Financial Services Outlook Survey shows that ESG initiatives drive new business opportunities for real estate organizations. Half the respondents say that such initiatives give them a competitive edge.
3. Artificial Intelligence Enhances Urban Planning
Customized artificial intelligence tools can support a review of large files for Real Estate research, along with providing quality checking data and insights into driving factors behind various trends.
Utilizing AI through scenario simulations and evaluating the impact can enhance key business decisions when budgeting, planning, and investing. Real estate professionals may begin taking advantage of AI’s power for urban planning more, as well as for investment decision-making and asset management.
4. The Future of Housing
Experts predict that digital transformation can help property management companies address any concerns in terms of inadequate management of aging multi-dwelling units, which are now a significant social issue. That way, companies can further benefit from opportunities of increasing demand.
5. Mobility Hubs
A big challenge across most cities is the housing shortage, which is why new residential developments are a must. Many municipalities plan such developments within the city borders to keep surrounding areas green.
Moreover, municipalities plan to free any scarce city space currently used for parking cars, thus making the city greener and more livable. Mobility hubs are seen as a vital solution when transitioning to a space-efficient transport system to deal with any transportation and commuting issues.
Wrapping It Up
Make sure you stay updated with the latest trends to continue standing out from the competition.
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