The commercial real estate market has been changing quickly. As work habits across the country continue to evolve, commercial real estate is evolving with it. Those who are interested in getting involved in commercial real estate, whether as a business owner or as an investment vehicle, need to take note of these changes so they can find the best properties to meet their needs. Casey Askar is a United States Marine with a self-made portfolio consisting of dozens of properties. As an experienced commercial real estate professional, he has noticed several changes in the commercial real estate world during the past few years.
There Is Higher Demand for Commercial Real Estate
One of the biggest changes that Casey Askar has noticed is that there is more demand for commercial real estate. Many people are thinking about opening their own businesses, and many business owners require commercial property to run their operations. Furthermore, investors have seen the real estate market appreciate quickly during the past few years. As a result, they are looking to get more involved in commercial real estate as well. All of this is leading to more demand for commercial properties. The construction industry continues to deal with supply chain shortages, so they cannot keep up with demand. This is inflating the price of commercial real estate, creating opportunities for investors.
Commercial Real Estate Is Becoming More Specialized
Furthermore, commercial real estate is becoming more specialized. Many industries have niches developing. As a result, business owners are customizing their properties to meet their needs. Or, they are looking for properties that already meet those needs. A lot of business owners have advanced technology that they need to run their businesses. Sometimes, this means that properties must have certain features that make it easier for them to apply their technology. Because there has been a lack in the development of new construction properties, many existing properties do not meet those specifications. Increasing specialization will drive the commercial real estate market forward.
More Office Buildings Are Vacant
Even though there is more demand for commercial real estate, Casey Askar has noticed that many office buildings are vacant. It can be expensive to renovate office buildings for a new purpose, and the reality is that many companies have employees working from home. Even though business owners might need commercial real estate, they do not necessarily need buildings that have been divided into multiple cubicles. Casey Askar understands that there is still a use for these properties. It will be interesting to see how companies put office buildings to use moving forward.
Looking to the Future of Commercial Real Estate
These are just a few of the biggest changes that have taken place in the world of commercial real estate recently. As the country continues to change, and as worker demands continue to evolve, commercial real estate will change with it. Casey Askar has seen firsthand what these changes mean; however, there are still significant investment opportunities in commercial real estate. This is a major financial decision, and everyone has to think carefully before they decide to purchase a property.