As we head into the new year, commercial real estate continues to be an important part of the economy. With the COVID-19 pandemic changing the way we work, live, and shop, commercial real estate has seen its share of ups and downs over the past two years. As we look ahead to 2023, here are some commercial real estate trends to keep an eye on:
1. Continued demand for industrial and warehouse space
The rise of e-commerce and online shopping has led to increased demand for industrial and warehouse space. This trend is expected to continue in 2023, as more businesses shift their operations online and seek out larger warehouses to meet the growing demand for fast and efficient shipping.
2. Increased focus on sustainability
Sustainability is becoming an increasingly important consideration for businesses when it comes to choosing a commercial space. Tenants are looking for buildings that are energy-efficient, use sustainable materials, and are designed with the environment in mind. Commercial developers that prioritize sustainability will be better positioned to attract and retain tenants in the coming years.
3. Rise of flexible workspaces
The pandemic has accelerated the trend towards remote work and flexible workspaces. Many companies are now looking for flexible office space that can be easily adapted to meet their changing needs. This includes shared workspaces, co-working spaces, and hybrid models that combine in-person and remote work. Expect to see more commercial real estate developments that cater to this trend in 2023.
4. Emphasis on health and wellness
The pandemic has also highlighted the importance of health and wellness in the workplace. In response, commercial developers are incorporating more amenities that promote health and wellness, such as outdoor spaces, fitness centers, and healthy food options. These amenities will continue to be important selling points for commercial spaces in 2023 and beyond.
5. Shift towards secondary markets
Finally, the pandemic has led to a shift towards secondary markets as more people look for affordable housing and less densely populated areas. This trend is expected to continue in 2023, as businesses look for commercial spaces in areas with lower costs of living and less competition for talent.
At McGuire Development Company, we’re committed to staying on top of the latest commercial real estate trends. If you’re looking for a commercial space in the Buffalo area, we can help you find the perfect property to meet your needs. Contact us today to learn more.