In a recent article published by Curbed, Patrick Sisson outlines "The Top 10 Emerging Trends Shaping Real Estate in 2016."
1. "Second Tier Cities Take Center Stage." As the article describes, "these 18-hour cities . . . are expected to perform incredibly well this year." While Seattle is not mentioned, its recent heralding as one of these cities by the Puget Sound Business Journal suggests it will move to the forefront.
2. Millennials that become parents will be drawn to the suburbs thus "suburbs (and developers) that replicate more Main Street living, including transit-oriented development and offer transportation options connected to big urban centers will see continued growth." An Eastside trend Dean Jones recently described in a feature article for 425 Business Magazine >>
3. A strengthening commercial sector will continue on the "open office plan" trend.
4. New options for housing may arise, including "microhousing," which are small housing units that average between 150 and 300 square feet and offer affordability.
5. No more parking lots downtown? "As many younger Americans opt out of car ownership, and tech trends such as ride-sharing and autonomous cars begin to change transportation patterns, many urban planners, government officials, and real estate owners are questioning if parking lots are the best use of downtown real estate."
6. Transit overhauls to improve roadways and commuting times.
7. Urban farms and rooftop gardens will be on the rise.
8. Niche lenders will offer lending better than the "somewhat constrained" regulations of larger institutions.
9. Where will the capital go? According to Curbed, "the likely places of this capital will flow include the 18-hour cities, alternate real estate investments, renovation projects, and alternative asset classes, such as lab and data centers, which are taking advantage of technological shifts."
10. People are still important, "despite increasing reliance on data modeling and computer analysis."