Some of the top real estate professionals weigh in on what trends they expect in 2020, courtesy of the Houston Business Journal!
Houston remains one of the most affordable large cities in the country.
The population and job growth remain healthy, so the multifamily sector is expected to stay strong, at least in the short term. Demand still appears to be outpacing supply overall, but be aware that Houston has a history of overbuilding, especially when the market is strong. Renting has become an attractive long-term option for everyone, from millennials to baby boomers, and everyone desires a place to call home for which they can be proud of. Because of this, more apartments are being constructed with eye-catching building designs and curb appeal.
MIXED USE TRENDS
There’s more interest in the mixed-use opportunity where you can buy a bigger tract of land and you can get your basics down. If we can master plan a bigger tract, then it doesn’t become a turf war between multiple developers.
Workforce housing is becoming an asset class that’s really gained institutional acceptance because of the affordability. Someone who makes $60,000 to $75,000 annually or someone who has two incomes in the home wants, needs and deserves a quality place.
Retail seems to be going in two directions, one being more experiential-based, which would be the Class A Galleria-type malls, while the other direction is more necessity-based – with some type of grocery anchor or convenience factor. The retailers that fall in the middle are struggling. Many retailers have struggled in recent years given the shift in shopping from bricks and mortar to online.
To read more on any upcoming commercial trends click here.
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