5 TRENDS OF THE COMMERCIAL REAL ESTATE MARKET IN 2023
In the coming 2023, the commercial real estate market is forecasted to have more optimistic signals and is influenced by the following 5 prominent trends:
High-quality properties prevail
In terms of business performance and sustainability, high-quality properties are judged to have the upper hand, especially in the case of transfers. These are usually properties with prime locations, and good services, targeting a small but stable customer group and belonging to the high-end segment. In addition, branded properties, managed by reputable units, are more attractive to investors and customers.
Trends of working from home
It can be said that the trend of working from home is a factor that has a significant influence on the commercial real estate market in the coming year. Stemming from the Covid-19 epidemic prevention regulations, up to now, it has brought a change in culture, ideology, and lifestyle – working. Faced with this trend, real estate developers will prioritize building complex projects (with many items such as offices, shopping centers, hotels, and houses) to maximize revenue and increase sustainability before the constant change in market demand.
Time and cost increase
The problems of the global supply chain in recent years have significantly affected the real estate industry, most notably the skyrocketing price of construction materials or the slow shipping time of furniture purchased from abroad. later… This will directly affect the progress and long-term financial problems of the project.
The terms of the rental contract are more flexible
Currently, the needs of tenants have changed a lot. They are not only interested in the amount of rent per square meter but also related factors such as utility space, living experience, and support in case of force majeure… This requires the owners. Commercial real estate owners need to adjust the price, terms of rights, and obligations in the rental agreement form so that they become more flexible and suitable for different situations.
The trend of cooperation for mutual development
Cooperation between businesses in the same industry will bring many benefits in terms of product ecosystem development, and cross-selling strategies to maximize revenue and minimize costs… Therefore, the power of catch Cooperation will create a great impetus for commercial real estate development in particular and the real estate industry in general.