Real estate developer Michael Snedeker is a graduate of the University of Massachusetts. Focused on commercial construction, Boston, Massachusetts, resident Michael Snedeker keeps abreast of the top locations for commercial property development. In April 2018, Forbes’ Real Estate Council shared their top cities for real estate development. Here are the top two cities for commercial real estate development:- Downtown Los Angeles, California. Following an increase in commercial property prices in the Bay Area, as well as a shortage of available space in neighboring locations, Downtown Los Angeles is beginning to attract commercial real estate development. Additionally, the city has beefed up security in the area and taken considerable steps to make it safer ahead of the 2028 Los Angeles Olympics. - Austin, Texas. Austin’s commercial real estate market is heating up. Bolstered by a 2-million-strong population that is still growing, an educated workforce, and affordable cost of living, Austin is attracting commercial real estate developers who can make due with the property taxes and longer approval times. Other cities in the top ten included Miami, Florida for an attractive hub for foreign buyers, Phoenix, Arizona for tax advantages and friendly business climate, and Atlanta, Georgia for strong renter profile including large corporations like Coca-Cola.
A veteran real estate and business development professional in Boston, Michael Snedeker focuses on consulting on commercial construction and real estate matters at Shellback Industries. To better serve his clients, Michael Snedeker pays close attention to the trends driving the commercial real estate industry. For decades, retail stores have been a steadfast anchor of commercial real estate properties across the country. With the rise of the Internet and online retailers such as Amazon, however, physical retailers have had to adjust their business models to keep up. According to commercial real estate analysts, the latest twist in retail is set to drive commercial real estate trends in 2018.Over the past few years, retail stores struggling to bring in customers have adopted a philosophy that has been termed “experiential retail,” which means creating an overall experience for the shopper that goes beyond buying products. For example, yoga-product retailer Lululemon has conducted yoga classes in its stores, while grocery chains like Whole Foods have added restaurants, wine bars, and cooking classes. By adapting to the desires of both younger clients, who often value experiences over material things, and older clients, who are used to visiting physical retail locations, retailers and the larger commercial real estate industry can continue to thrive in the new economy.
