4 Ways We’re Urbanizing the Suburbs
The world’s biggest cities have long been the most highly sought-after locations for CRE – but that might be changing.
What was once a place where people flocked to for affordable living and to be nearby the workplace has now become incredibly overcrowded and expensive.
For many, finding an affordable living option in big cities is extremely difficult. With apartment prices on the rise and competition being hotter than ever, these popular metropolitan oasis’ have lost their appeal to both their largest demographic.
If the urban areas are no longer working, where to next? More and more commercial developers are looking to the suburbs to start their newest deals. Let’s check out these 4 ways that CRE is urbanizing the suburbs.
Meeting the Target Demographic’s Needs
Attracting city-lovers to a suburban neighborhood isn’t always easy. Many younger generations aren’t so willing to leave the comforts of a big metro right off the back. They may need some convincing – and incentives work like a charm.
In order to bring your clients to a new area, you’ll need to offer them something they can’t pass up. CRE developers should hone in on their target audience and identify their specific needs. Offering the latest amenities is a top priority for property owners who are looking to attract their prospective tenants to a totally new lifestyle.
Consider Pre-Existing Transportation Systems
One of the greatest appeals to city living is convenient locations. Mixed in with tons of transportation options, it’s always easy to get from place to place. However, city-dwellers aren’t the only ones who know how to get around.
The preconceived notion that suburban areas are off the grid no longer stands true. We live in an interconnected society, and transportation systems flow through suburbs around the world. In addition to this, mobile ride apps like Uber and Lyft, we can get a ride almost anywhere and anytime.
CRE developments are using these transportation routes to their advantage. Bus stations, train routes, trolleys, and other mobility services make a great asset to any CRE project. The industry is using transportation hubs in the suburbs as a basis for deciding where to build.
Befriending Community Leaders
In efforts to smoothly enter into the new suburban territories, CRE is reaching out to prominent municipal figures. Since this is a relatively new market, first impressions are important in establishing a positive relationship down the line. Cooperation is a key element for the success of suburban CRE projects.
Creating a Beautiful Landscape
Mixing commercial spaces within a primarily suburban neighborhood can offer a great variety that enriches both sides. Bringing retail, offices, small restaurants, and multifamily units into a neighborhood environment can establish a contemporary suburban design scheme.
These additions add a richness to community living and can transform the area into a pedestrian-friendly hub of commerce. Neighborhoods with a mix of metro amenities are the next phase of contemporary real estate.
Make sure to keep an eye on the suburbs as commercial real estate’s latest hotspot. For more cutting-edge industry news, keep up with our blogs.