RECAP: Industry Perspectives: Real Estate
Discussing commercial and residential real estate in the time of COVID-19
LVGEA shined a spotlight on the business landscape of Southern Nevada with an “Industry Perspectives: Real Estate” event, presented by UnCommons, the upcoming workplace committed to a new level of health, innovation and community. The panel was made up of regional leaders in real estate, including experts in residential and commercial real estate, brokerage, and architectural design.
Speakers included Darrel Fullbright, AIA, LEED® GA, Developer Leader, Studio Director, Principal, Gensler; Julie Cleaver, Senior Vice President, Planning & Design Las Vegas, Nevada, The Howard Hughes Corporation; and Cassie Catania-Hsu, Managing Director and Market Leader for Las Vegas, CBRE.
Catania-Hsu said that office users have hit pause, retail is rising, life sciences have seen an uptick, and remote workers are able to move to more affordable cities, like Las Vegas. Meanwhile, Fullbright said people are missing office space and longing for social connection.
Clients are asking for better offices, which are being driven by four trends, according to Fullbright: superchargers, the outdoors, community catalysts, and impact investments.
As the real estate market continues to boom despite the pandemic, Cleaver pointed out that with the utilization of homes as remote office space, homebuyers want more space in their homes to accommodate different activities, as well as preferences for open floor plans, casitas, and storage.
Five years from now, the speakers predicted more mixed-use developments like UnCommons, Those who don’t innovate will be left behind, they said. Creativity, adaptability, and flexibility will define the future of real estate.