The commercial construction industry in the USA holds a prominent place in the economy as it generates a handsome revenue every year and is booming like never before. Gone are those days when commercial buildings were built in the suburban park for offices only. Businesses are not moving further and choosing downtown spaces and other areas for their premises. Now the question is, why is commercial real estate doing well, and what exactly is driving the trend?
Kanat Sultanbekov New York on the key reasons why commercial construction projects are popular today
Kanat Sultanbekov is a skilled construction project manager and an expert in the field of commercial construction in New York. According to him, several people are employed in creative areas like marketing, design, and software development which are primarily attracted to urban spaces with an excellent, vibrant element. They wish to walk to shops, restaurants, bars, and other places of interest without
The emergence of service-based industries in the construction sector
According to Kanat Sultanbekov New York, the economy in the USA has shifted from manufacturing to a service-based sector, which means that businesses will not spend a lot on factories or warehouse spaces. They are willing to function from smaller office spaces, which, in turn, will save a lot of costs for them in the process.
The arrival of the knowledge worker has led to the rise of commercial construction projects
More and more people are now employed in industries that offer information to the economy, and they need better access to high-speed Internet and computers. These workers work remotely, and the demand for office space with the latest technology is high for them in the economy.
The increase in the millennial population
In the USA, the largest segment of its population comprises millennials beginning to enter the national workforce. This generation resonates more with urban areas, and they are likely to work in service-based industries, which promotes the growth of commercial construction projects in the nation.
The growth of eCommerce
The surge of eCommerce has a predominant impact on commercial construction projects in the USA, and businesses that sell goods on the Internet need distribution centers and warehouses to store inventory and fulfill their orders. Besides the above, these businesses are located in urban spaces where they can optimize centers with dense populations.
The increase of foreign investments in real estate
According to Kanat Sultanbekov New York, foreign investment is growing, and much money is being poured into commercial real estate in the USA, especially in the city and critical metropolitan regions. This investment helps increase costs and create demand for hotels, office space, and other popular types of commercial buildings.
Moreover, the economy in the USA is now recovering from the recession, and this trend is now boosting the growth of commercial real estate in the nation. Due to the above, businesses are expanding and are focused on hiring office space like retail centers, warehouses, and office buildings to conduct their operations seamlessly. There is going to be a significant change in the market.