Top 5 trends in Condo Development
Living space is at a premium in many major cities, and the overall cost of real estate continues to climb. Emerging out of this market is a shift to condo development instead of detached home subdivisions, even in smaller communities such as on Vancouver Island.
Professional condo development unites the practical skills of construction team members and trades with the enterprising knowledge of suppliers and consultants. Below are the top 5 condo development trends these professionals are considering in 2019 – read on to consider integrating these trends into your own development project!
Live|Work|Play – All in one community
Some companies are using new creative ways of including retail, office, community space and residential units all in one offering by having mixed used sites with retail shops on the bottom and living above.Community gardens have also become very common, to the point of almost being a new “norm” in some cities.
Health & Wellness services such as full serve cafeterias, fitness facilities and showers are being added to most mixed use or large condo developments. However, access to hiking, walking and biking trails can be an equally or more valuable feature if you don’t wish to devote square footage to these facilities.
Rounding out the live/work/play community is great access to transit – when choosing your building site, stop and consider how your residents will get around.
Housing affordability has always been a concern, but it will be more significant going into 2019. Developers, investors, lenders and builder teams are cautious about the real estate sector, especially the costs growing with nex taxes, higher financing costs and the amendments to the B.C. Building Code to address energy efficiency. Developers may wish to include options for “micro units” within their building design, offering a wider range of pricing options and a lower “starting at” price point.
Unique offerings & Flexibility
With affordability being a key component; unique offerings and flexibility add to the value of the build and for the buyer, such as:
- A “smart building” model that includes smart lighting, temperature control, energy efficiency materials, air conditioning, modern aesthetics and other household amenities.
- Special features including a dog wash, dog walk, and/or dog play area are on the rise.
- More thoughtful storage, flexible layouts, and an increase in kid-friendly amenities like playrooms.
Technology – VR (Virtual Reality)
Virtual Reality is a powerful tool that allows potential buyers to virtually tour properties from a distance; allowing them to experience the space without the need for on-site viewing & scheduling appointments. This is a time saver and can reduce presale marketing costs; anticipate a steady rise of its use in the industry.
Research and Data Analysis
Data analysis of local demographics, neighbourhood amenities, and market trends allow builders to find patterns, trends and relationships. With the use of data analytics and data scientists, companies can better rationalize their decision-making, offer a better management culture, and predict/prevent emergencies – creating better value for the end consumer. This trend is helping everyone make educated and informed decisions when developing land across the country.
Are you a property developer considering a multi-family or condo development? View our commercial portfolio and contact Chris Lundy for bids and consultations.
For an example of our multi family developments, check out one of our recent projects by clicking here.
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