Sustainability and real estate are two words that don’t really go well together. People associate sustainability with trees and eco-friendly spaces, while real estate reminds us of urban sprawls and construction projects. While this is true, real estate developers are now taking critical measures in responding to the growing environmental crisis.
The global crisis presents opportunities to rethink our businesses and corporate agenda. For example, the COVID-19 has shed light on the various weak points of our homes. People today have a huge preference for private, specialized rooms over open floor layouts. The same goes for condominium spaces, where families prioritize modern convenience and a wide range of leisure options.
Sustainable properties are increasingly becoming popular, and real estate developers should consider jumping on this trend before missing out on this new market opportunity. In fact, residential developers who have already adopted sustainable practices are already reaping rewards. If you want to be at the forefront of the real estate market, here’s how property developers can design and build sustainable properties.
The global pandemic has proven one thing: our living spaces need plenty of improvement. Homeowners are now looking for multifunctional homes, where they can do a wide range of activities apart from resting, watching TV, and cooking meals. Today, people want their homes to be more than just a living space. They need homes where they can work out peacefully, work and study without distractions, and other productive activities.
The future of real estate should focus on livability, comfort, health, and productivity. When we talk about sustainable and resilient homes, we’re looking at buildings with zero carbon emissions throughout their life cycle and can survive acute and chronic shocks and withstand long-term changes. They should be affordable, with enough supply of quality and accessible housing space, small businesses, art establishments, and non-profits.
The housing market is booming, and one way to continue its growth trajectory is building sustainable properties. Investors and lawmakers are now encouraging developers to prioritize sustainability, resilience, and affordability on their corporate agenda and governments are now offering incentives for businesses focusing on recycling, conserving energy, and reducing environmental impact.
For instance, lawmakers are now offering tax incentives to encourage companies to adopt sustainable practices in their products and services. Real estate developers should take advantage of this to save upfront costs and achieve a greater level of ecological ethics.
One of the main premises of modern technology is to make everyone’s lives better. In real estate, innovation in construction and design is critical in developing more affordable and high-quality homes.
Every year, new technologies are coming into the real estate industry, and every residential developer should take advantage of these advancements to accommodate the changing needs of the real estate market. This will not only reach their fullest potential to do business, but technology will also enhance their bottom line.
According to the World Economic Forum, digital twins, or virtual replicas of physical buildings, can save developers millions of construction costs, evaluate the viability of new materials, and reduce project timelines while ensuring quality. For example, multinational construction company Lendlease saw a significant change in applying digital twin technology in their design phase. They can now accomplish a project timeline in just a few days, which used to take several months.
The learning process is continuous for sustainable buildings as they respond and adapt to the changing needs of the environment and their dwellers. They rely on a virtual blueprint to get insights based on the building’s structure and performance. At the same time, property technology opens more customized opportunities for homeowners by improving the air quality and living spaces.
In the post-pandemic era, neighborhoods and residential spaces will be more adaptable. This means business districts and urban sprawls will incorporate mixed-use destinations to accommodate different lifestyle choices.
To adapt to the changing consumer trends, cities have to be more creative in public spaces and make them more functional. Corporate offices should also consider designs that promote collaboration, especially if employees are working remotely and on-site at the same time. Meanwhile, multifunctional homes should accommodate both leisure and work activities and cater to a wide range of users and purposes.
Sustainable properties are becoming a must in the real estate market. With sustainability as their basic metric, real estate developers should create a framework that integrates sustainable features and climate change adoption. Investing in green real estate development may incur more upfront expenses, but this leads to fruitful rewards in the long run.