The Evolution Of Commercial Real Estate

The commercial real estate industry has been turned on its head over the past year. Even in the years prior to the pandemic, there was already a slow change transforming these businesses.

For instance, suburban areas have started to see a revitalization as people and companies move away from big cities for a lower cost of living and more space. 

In Dallas’ Uptown neighborhood, office rents can reach to $40 or more per square feet, while corporate office space in suburban Richardson is nearly half that at $24.76.

Additionally, developers are changing how they approach new buildings by using more natural products like wood to be more sustainable and eye-catching.

Using such materials is more environmentally friendly, as well as more cost efficient and can have a positive mental health impact on occupants.

The overall renovation of the workplace has been central to the evolving commercial real estate industry. Instead of serving as a place for people to simply work out of, business leaders now have an understanding that the office should be about the employee experience.

This means creating a workplace that focuses on wellness, as well as supports hybrid office models.

Millions of people working remotely in the last year and for the foreseeable future caused a huge uptick in sublease space across the country. While this has been worrisome, some experts believe that there will be a slow rebound as workers return to the office later this year.