2024 is going to be an exciting time for commercial real estate. We have seen certain trends start to blossom over the last few years, and 2024 will see them becoming established industry norms.
Technology like AI is becoming more and more commonplace, and commercial real estate must keep up or be left behind. This technological approach complements a greater focus on the environment and employee wellness.
Below, we outline the major trends that will be shaping the future of the industry in 2024 and beyond.
Commercial Real Estate Trends To Watch In 2024
Technology
We have ever-improving technology in all aspects of commercial real estate. This includes things like drones, which can increase operational efficiency during the construction process. Drones can boost safety, and provide better mapping at a lower cost.
There are also many other examples of emerging construction technology, like construction exoskeletons for safety. As technology advances, every part of commercial real estate from building to property maintenance will incorporate it.
Technology such as AI, the Internet of Things (IoT), and blockchain will skyrocket operational efficiency. Let’s look at how each of these will influence the future of commercial real estate in 2024.
Artificial Intelligence
AI is taking the world by storm and commercial real estate is no exception. AI is changing the construction industry by revolutionizing project management workflows. It will automate numerous processes including data collection via smart devices.
Another area where AI is transforming the commercial construction industry is in its ability to analyze vast amounts of data, thereby allowing for data-driven decision-making with a higher degree of accuracy.
And on the construction side of things, AI-driven autonomous equipment is boosting safety and efficiency at an unprecedented rate.
Blockchain
With the rise of blockchain, smart contracts will become more normalized in 2024 as a way to create efficient and accurate contracts. Smart contracts are codes that self-execute and self-enforce without the need for external regulation.
While blockchain is often associated with crypto, we will see the use of it become increasingly mainstream in 2024. Because they use code rather than legal language, they are rock-solid, with no space for loopholes or misinterpretation. These contracts are automated, saving everyone time and money.
Internet of Things
Another technological advance is the Internet of Things, which refers to smart devices that are able to communicate with each other in an intelligent network. These devices have sensors and processors that gather information which is then stored on the internet.
This means increased streamlining of commercial real estate maintenance. Rather than having regular maintenance checks, or calling your landlord when something breaks, your office space can self-monitor, send alerts for when things need attention, and detect issues before they arise.
We are already seeing major advances in smart technology, with everything from smart thermostats to entire smart buildings.
Eco-friendly Construction
Commercial real estate reflects the trends seen in other industries, and environmental awareness is set to keep increasing, especially as we are able to boost efficiency with technology.
There is a push to use more eco-friendly materials like recycled steel and concrete as well as energy-conscious building techniques. In fact, the demand for green materials is set to increase by 12.3% between 2023 and 2024.
This focus carries over into building commercial spaces that are energy efficient. One example of this is smart HVAC systems that can automatically regulate temperature based on the conditions and thereby save energy.
Focus On Employee Wellness
Companies are starting to place more focus on how their office spaces influence the well-being of their employees. It is worthwhile to invest in amenities that improve employee engagement and motivation, even if they cost more in the short term.
For example, biophilic design, which involves incorporating nature and natural elements into your office space, can boost productivity. Being more conscious of how your office space impacts the mental health and performance of your employees is sure to continue into 2024.
Flexible Work Spaces
The last few years have involved rapidly changing workplace dynamics. From the shift to fully remote work during the pandemic to a steadily increasing push to return to the office, work looks very different now compared to just five years ago.
More companies are offering hybrid work which results in a changing demand for office spaces. Some companies are downsizing office spaces, while others want more flexible office designs. We are seeing an increased focus on offices that are adaptable.
For example, offices with open-plan, hot-desk arrangements often make more sense than a traditional cubicle structure, especially if employees aren’t in the office full-time. This trend lends itself to modular construction and multi-functional spaces.
Conclusion
So now you have an idea of what commercial real estate will look like in 2024 and the following years. To make sure that your construction projects are taking advantage of the latest technology, contact Chad Fisher Construction today.