The year 2021 marks a period when the real estate community is expected to aggressively push forward with new strategies that are more effective in a post-COVID-19 era. Foresight, agility and resiliency will all play a part in the industry’s significant transformation. However, amid its evolution, what will remain is its continuing sharp focus on technology, innovation and customer experience.
With the direction that the industry is currently taking, some trends are going to be more prominent this year than others. We have rounded up three of the trends that we believe will have the most impact on property space in 2021. The three trends to watch for are:
- Sustainability – Sustainable real estate projects will gain traction this year, as individuals and corporations become more conscious of their environmental impact. Buildings with low energy-related carbon emissions will be more appealing and attract higher interest. In their developments, property developers can stay ahead of their market competitors by prioritizing sustainability.
- Property technology (PropTech) – Keeping abreast of and applying new technologies disrupting the sector is vital to any property developer’s success. To lag in this area may result in a company losing to their more tech-driven competitors. PropTech has made possible customized 3D floor plans and virtual tours that are accessible via smartphone devices. It leads to more empowered tenants and customers and stronger collaborations in the rental segment.
- Co-living and sharing economy – The co-living phenomenon has emerged as people become more conscious of costs. However, affordability is not the only factor driving the popularity of this concept, especially among young people. Sharing of responsibilities is also an attractive benefit for people opting for co-living. This is the area worth exploring for property developers this year.