Investing in multi-unit properties has and will continue to be a smart investment opportunity, especially in a market like South Florida where demand is high and the market is diverse. It is likely, however, that following the COVID-19 pandemic, we will see a shift in buyer behavior and a demand for new services and amenities that will outlive the current pandemic we are now experiencing.
Making Room with the New (Builds, That Is)
The current pandemic has changed everything about the way we live and work, and the new habits we’ve developed will likely die hard.
Over the past several weeks, we’ve created new habits that revolve around social isolation. The following examples demonstrate how our lives have changed and what those changes may mean for multi-unit builds going forward:
- An increase in virtual working may drive demand for shared office amenities like a business center with printers and other office supplies or services. Moreover, there may be an increased demand for larger units in general – units that can accommodate a home office.
- The need to social distance may encourage the design of larger or more segregated common areas to ensure adequate space to spread out when groups of people want to gather.
- A renewed focus on structural components, such as air flow and ventilation needs throughout the building, will be an important part of informing designs and builds, especially when considering the needs of shared spaces like gyms, pools, and common areas.
And perhaps one of the biggest changes will simply be the need to create larger facilities in general – creating greater distance between neighbors and larger individual units so tenants feel less confined in their homes during a lockdown.
Yes, the future of multi-unit facilities may indeed look different. In every build or remodel those of us in the industry complete going forward, we will all be thinking about how we can best accommodate future pandemics by infusing the lessons we’re learning right now into our builds.
At Seacoast Construction, we’re continually thinking about new ways to innovate and improve our builds to best meet the needs of our community, multi-unit tenants, and the market. If you have questions about what to expect with South Florida builds and how to
prepare for the future of commercial construction, get in touch.
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