One of the great things about property development is that the land itself can be used for many different things. And while it’s important for people to have a place to live, it’s just as important that professionals also have a space in which they can get their work done.
This is especially true in concentrated urban centers like cities where space is at a premium. Recent trends in construction have turned towards putting up many condos in cities like New York and Miami, but the heart of any city is its professional infrastructure. Whether people work in finance, medicine or law, there is still a need for spaces that cater to the ability of small or medium sized business to create a working space.
The Philadelphia Example
In the state of Pennsylvania, the great city of Philadelphia is currently experiencing a shortage of big blocks for offices and other professional needs. One of the biggest factors in this growth in Philadelphia is a lack of new space that is up to the requirements of 21st century professionals. Much of Philadelphia’s professional growth is coming from the pharmaceutical and educational sectors. These areas have very different infrastructure demands from more traditional workplaces created in the 20th century.
This is especially true for the technology-based work methodologies of newer companies. America is no longer an industrial powerhouse, it is a technological one. The buildings that cater to older professional needs are insufficient to modern ones. But for real estate developers that follow these trends, this presents lucrative opportunities that benefit everyone.
By concentrating property development on commercial needs, and ensuring that modern digital, electrical and even laboratory requirements are met, it instantly satisfies a real need that young, 21st century companies are experiencing. Take the time to look at the state of professional spaces in your city, and see if you can’t do something to tap into a demand that is growing.