Urban farming, start-up companies, and tech savvy businesses are trends discussed in the PwC and Urban Land Institute’s 2016 Emerging Trends in Real Estate report. The five trends below are some of the top trends for this year:
- 18-hour cities are growing in popularity.
The appeal of 18-hour cities is continuously growing. Labelled as a “cool” market with the same benefits as a larger urban city, 18-hour cities are in direct competition with 24-hour cities. The current real estate market and data availability are just a few factors that are contributing to the financial and social success of 18-hour cities. Areas like North Hills can expect to see their communities flourish as new residents and business come to the area.
- The rise of the urban food producer.
As urban communities grow, food production innovations are flourishing. Urban producers in cities such as New York and Chicago use greenhouses located around the city to grow and sell fresh produced to upscale restaurants and supermarkets. Urban farming in New York has produced over a million pounds of vegetables and fruits annually.
- Urban communities that everyone of all ages and backgrounds enjoy.
Homeowners and businesses are helping communities like North Hills grow. Baby boomers are looking to downsize for retirement reasons, while millennials and Gen-X are becoming first-time homebuyers. North Hills’s live/work/play community attracts these homebuyers.
Live/work/play communities are also appealing to businesses, both long-standing and entrepreneurial. New modern, office spaces will attract start-up companies, creative agencies, and businesses in search of a new office location.
- Technology equals success.
Smart technology features are the “next best thing” in urban communities. As addressed above, data about residents and businesses has contributed to the success of 18-hour cities. Smart technology, however, is not limited to data. Technology can be used to improve the efficiency of public transportation, shopping, and home living.
- Parking is changing in the urban cities.
According to PwC, live/work/play communities do not require a great deal of parking; 1,000 parks per one square feet of office and residential property. Residents and people who work in these communities are choosing instead to walk, bicycle, or use public transportation. Parking will continue to change as live/work/play communities continue to evolve over the next years.
This list is only a fraction of PwC and Urban Land Institute’s report, but are top trends that are already circulating around the North Hills Community.