Home » Kanat Sultanbekov On Why Commercial Real Estate is Booming Today?

Kanat Sultanbekov On Why Commercial Real Estate is Booming Today?

by simocojones
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Commercial Real Estate

Commercial real estate is booming, and if you examine the market closely, you will find that offices are no longer stationed in suburban office spaces like parks. They are now being shifted to downtime areas and other urban spaces. In short, commercial real estate is rising for many reasons that will be discussed below.

Kanat Sultanbekov on the surge of commercial real estate in the USA 

Kanat Sultanbekov is an expert in the construction field. According to him, there is a rise in the creative class of working professionals like those in software development, design, and marketing. These professionals resonate with urban areas that have a “cool” culture factor. They are no longer willing to travel long distances and would like to be near bars, shops, and restaurants.

The shifting from service-based to manufacturing industries

The USA economy has shifted from a service found to a manufacturing-based economy, implying that businesses will not spend large amounts of money on larger spaces like factories and warehouses. They are now willing to operate out of smaller office space.

The emergence of the knowledge worker

The term “knowledge worker was coined in 1959 by Peter Drucker, and it has been popular in the last few years for describing workers employed in jobs based on sharing information. These workers need a high-speed Internet connection, and they like to work from remote locations. This has increased demand for office space built with the latest technologies.

Millennial generation

In the USA, the millennial generation is the largest demographic group in the USA, and it has now started to enter the employment arena. This generation resonates with urban areas and is most likely to work in the service industry leading to the surge in commercial real estate.

Ecommerce and its rise

Ecommerce has a significant impact on the commercial real estate market, and businesses. That sell goods online require warehouses along with distribution centers for taking orders and their store inventory. In addition to the above, they are situated in urban areas leading to the rise of commercial real estate in the nation.

Foreign investments

Foreign investments have surged in the commercial real estate sector, especially New York in the USA. Besides New York, significant foreign investments are also being made in the key metropolitan cities. The above is leading to a rise in prices and a demand for hotels, office space, and other types of commercial real estate in the nation.

Recovering economy

The economy in the USA is gradually recovering from a recession. That again helped boost commercial real estate in the nation. Businesses in the field are now recruiting new workers as the demand for jobs has increased in the region and recruiters are looking for good talent.

According to Kanat Sultanbekovthe above are some of the critical reasons commercial real estate is booming in the USA. Businesses are now expanding to accommodate this demand, resulting in good news for the retail real estate sector in the USA.

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