The real estate industry has always contributed to shaping communities and cities. It’s an industry that can create economic growth and prosperity with its development projects.
But the industry is struggling to break down regulatory barriers to meet the changing needs of citizens. It often gets a bad rep, but it should get a lot of credit for its role in shaping the places we live in today.
This article will talk about how cities and communities are changing and what that means to the real estate industry. Read on to find out how it will get them to change.
How Does the Real Estate Industry Shape Communities and Cities Today?
Cities are shaped by their culture, social life, and economic activity. As a multi-trillion dollar market, the real estate industry is one of the biggest drivers of the culture and economic activities in our cities.
However, the real question is, should real estate developers, property managers, and city planners have the power to shape those communities and cities?
With the growth of technology, the real estate industry is under pressure, and it faces various issues these days, including online resources providing inaccurate information.
There are also many challenges faced by HOAs and communities when it comes to preventing gentrification, and this has an impact on the shape and character of cities moving forward.
Nevertheless, a growing number of communities feature elegant buildings and structures designed intelligently with sustainability in mind, including plenty of public spaces all around.
Plus, a lot of facilities are built with the use of advanced climate resilience and carbon reduction technology— making these properties more desirable.
However, to deliver urban places like this, politicians have to put a lot of effort in terms of commitment and collaboration with the businesses and investors in the real estate industry (among other sectors).
Aside from the politicians, companies specializing in investment, construction, and development also significantly impact community development.
Every business that provides any of these solutions actually lays the foundation for communities of the future. Creating these cities requires a holistic approach.
What does it mean? Each individual building— be it a commercial, residential, or mixed-use structure, should be an integral part of an ecosystem that is developed according to the future lifestyle needs of people who will live there in years to come.
Think Globally, Act Locally
When shaping cities and communities, many local companies lack global project experience, and they need a more forward-looking approach that requires more global knowledge.
It is best to hire a company that knows how to apply the experience it has gained working in diverse regions around the world. Let’s say the city needs to hire a construction company to develop a new mixed-use neighborhood in Sacramento.
If their project involves developing workspaces and housing, they will have to apply their global professional experience during each stage of development. They’ll need to make sure the new community aligns with the expectations of buyers interested in buying a house in Sacramento.
More and more contractors are using innovative methods when shaping communities. They consider technology applications and sustainability initiatives.
This results in modern cities with plenty of easy-to-access public spaces and a perfect mixture of commercial and residential properties.
Blueprints for constructing solutions should be developed in such a way that they can support community-level evolution while handling global challenges. No matter the geographic location, it is imperative to bring innovative solutions that can be utilized for multiple projects.
As a result, we will have more enduring and sustainable places that can quickly transform based on future needs and draw in more prospective buyers and clients.
Things to Consider When Shaping Cities and Communities
The built environment depends largely on Corporate America, which steers stakeholders like local governments and investors. By thinking big, they have to provide long-term solutions that meet the sustainability needs of most residents and employees.
That is easier said than done. Every company interested in becoming part of that movement should take into consideration the following things:
Creating Long-term Value
In order to reap financial benefits, investors need to sink money into places and people wisely. As for the assets, the best way to produce long-term value is to support the broader health of the cities and communities.
It all comes down to one straightforward concept— sustainable operations and design.
Sustainable architecture is a design approach that considers building design’s environmental, economic, social, and cultural impact.
It uses techniques such as renewable energy sources, natural lighting and ventilation, recycled and locally sourced materials, and environmentally friendly building systems.
The term “sustainable architecture” was first coined by Walter Gropius in 1969. It has been defined by the Indian architect Rahul Mehrotra as: “Architecture that responds to local needs while minimizing its energy and resource consumption.”
This approach is now more essential than ever before and can assist in the development of communities and cities worldwide.
Making Decisions Based on Governance, Environmental, and Social Factors
It is critical to consider governance, environmental, and social factors when making decisions on the shape of communities and cities. Anyone interested in the future of our environment, including the real estate industry, has to act with sustainability in mind.
Thus, stakeholders should consider acting sustainably in every form, including environmentally, economically, and socially.
Final Words
Hopefully, you now have a better idea of how the real estate industry can help shape communities and cities. As you can see, the real estate industry has gone through a complete transformation.
Whether you are a potential home buyer, seller, or investor, you should know how to take advantage of this. Our real estate team of experts is always available to answer any questions you may have and help you find the home of your dreams. Contact us today!
