The commercial real estate marketplace has rebounded significantly over the past few years. New construction projects have increased revenues for smaller companies and have had a positive impact on local economies as well. Tracking the trends in this real estate market can provide added insights into the most cost-effective investments for construction companies throughout Texas. Working with a trusted and established Houston concrete contractor can provide the best possible foundation for these construction projects throughout the upcoming year. Here are seven trends to watch in the commercial construction field in 2016.
Increased Demand for Senior Housing
Apartment buildings and condominiums designed to meet the needs of aging adults are already in high demand. As more people reach retirement age, these commercial building projects are expected to attract more investors and more tenants. This will make them one of the safest bets in the Houston real estate marketplace and will provide plenty of work for contractors and subcontractors in 2016.
Innovative Office Environments
Remodels of existing office spaces and increased demand for new and modern interior and exterior designs will drive some of the market for Houston construction firms. Open workspaces and collaborative environments are among the most-wanted options for companies looking to relocate to the area and those interested in expanding their current office space to allow further growth in the recovering economy.
Cities that Never Sleep
The increasing popularity of 24-hour grocery stores, department stores and other retail outlets has led to an increased demand for upgraded facilities that allow greater security and increased accessibility for customers and staff members alike. The commercial real estate market is booming for cities that implement these near-24-hour options for consumers. By catering to these needs, commercial builders can often achieve increased revenue streams from smaller remodels and upgrades to existing retail buildings.
Reduced Need for Parking
Green-friendly consumers and their increased use of public transportation have had a significant impact on the parking industry in metropolitan areas. Companies that have concentrated their efforts in parking lots and structures must now rethink their business strategy. In some cases, however, parking lots may be transformed into multi-level parking structures to free up other lots for rebuilding and reuse in already crowded urban environments. This trend is likely to provide added work for commercial construction firms in the near future.
Service Industries on the Rise
Restaurants and other service enterprises are continuing to see brisk growth in the Houston area thanks to increased income among some of the most likely consumers of these products and a general improvement in economic conditions throughout Texas. Seeking out construction opportunities in the service industry can potentially provide added revenue streams for builders in urban areas of Texas.
The Energy Sector Still Reigns Supreme
In Houston, petrochemical and energy-related industries continue to drive much of the economic growth and new construction. Houston metal buildings are often used as temporary storage for a wide range of supplies related to this vital sector of the local economy. These outbuildings can also provide valuable protection for workers during the summer months. Both small and large-scale projects are likely to provide added employment options for construction firms during 2016.
Finishing Touches Still Matter Most
Subcontracting exterior and interior finishing to a firm that specializes in Houston commercial painting can provide added appeal for potential tenants. This can result in quicker turnaround for properties built on spec, allowing construction firms to enjoy added revenue streams in the commercial real estate marketplace.
Integrating these trends into the overall business plan can help construction companies enjoy greater profitability and increased marketability for their projects in the Houston metropolitan area. Staying current with the evolving real estate market can provide the guidance needed to achieve a higher degree of success for modern building contractors and subcontractors.