2019 Commercial Real Estate Trends

Boston-area resident Michael Snedeker earned a bachelor’s degree from the University of Massachusetts before he embarked on his distinguished career in the real estate industry. As the executive vice president of commercial construction firm Elite Building Corp., Michael Snedeker pays close attention to trends in the commercial real estate industry.

Like the rest of the American economy, the commercial real estate industry has enjoyed an extended period of robust growth. Here are three trends that may shape that growth in the near future:

- Technology integration. Every industry has been profoundly impacted by the exponential growth in technology over the past few years, and commercial real estate stands to benefit as well. For example, industry analysts expect that more commercial real estate developers will integrate the “Internet of Things” into both new construction and legacy buildings as companies and other tenants shift more of their daily business to the cloud.

- A slowdown in office construction. While the first half of 2018 saw a marked increase in new office construction, some analysts foresee that trend slowing in 2019. In addition to increased numbers of remote workers who require less office space, new construction may be reduced due to zoning issues and rising construction costs.

- Visual marketing. Though some people might associate visual marketing and professional photography with the consumer goods sector or the residential real estate market, recent studies indicate that commercial real estate buyers are increasingly relying on visuals when they search for office and retail properties. In 2019, analysts expect more commercial real estate developers to raise their photography budgets as part of their marketing strategies.

Forbes’ 2018 Top Cities for Commercial Real Estate Development

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.

LIBR Rescues English Bulldogs

Based in Boston, Michael Snedeker works for Shellback Industries to perform commercial real estate duties ranging from marketing and advertising to sales, customer service, and systems and business development. Outside of work, Michael Snedeker is an active member of Long Island Bulldog Rescue.

In 1999, Laurette Richin established Long Island Bulldog Rescue (LIBR) to care for English Bulldogs that had been subjected to neglect, abuse, or release. The non-profit organization provides services like education, prevention, and intervention in addition to adoption.

- Education. LIBR organizes speaking engagements, works with schools, and joins forces with other rescue organizations to educate and raise awareness on saving English bulldogs.

- Prevention. LIBR helps people learn how to love and care for their adopted pets, which is likened to adopting a member of the family.

- Intervention. LIBR works with shelters, law enforcement, and other rescue groups to save bulldogs by responding to emergency calls, providing complete rescue operations, offering emergency pickup and evaluation, and providing both emergency and routine medical care.

- Adoption. LIBR screens people to match with dogs through extensive interview processes. Aside from this, the organization offers follow-up support to check on successful homing and determine the finality of adoption.

What Traits Make a Successful Real Estate Developer?

Real estate developer Michael Snedeker serves as a consultant at Shellback Industries. Based in Boston, Michael Snedeker has been involved in many commercial real estate projects. 

Here are four traits of a successful real estate developer: 

-Good communicator. Real estate development is a complex pursuit that requires interaction with various professionals, including architects, engineers, construction workers, and investors. A good developer must be able to communicate with each of these groups clearly from the start of the project to the end. 

-Problem-solver. Many things can go wrong while developing real estate. A good developer prepares for the unexpected and is quick to find solutions.

-High risk-tolerance. Real estate development is a risky endeavor. There is no assurance that a commercial development will attract good tenants. A good developer knows that risk-taking is part of the business and that high risks can come with high rewards.