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St. Louis Commercial Real Estate Trends for 2023

The real estate market can be confusing but it also depends on what you are buying.  The St Louis Commercial Real Estate market has seen a rise in demand since the pandemic. Renters are looking for multi family buildings and retailers are looking at ways to keep the customers coming. Employment growth is also helping the area. Investors, on the other hand, are looking at this as an opportunity and a safe bet for their dollars.  The commercial real estate sector has grown tremendously over the past few years and we have seen new innovation and technology driving growth. Here, we take a look at the commercial real estate technology innovation and what is making the industry thrive.  Commercial Real Estate Technology Innovation When it comes to innovation and commercial real estate trends 2023, there are three important aspects to keep in mind: 
  • Digital Twins (Virtual 3D Property Models)- A digital twin is the virtual 3D property model which helps with property management. It has sensors installed throughout the property and uses real-time data to provide an idea of the building’s health. The data can be used for monitoring critical systems like ventilation, plumbing, etc. 
  • Smartphone Controls & Security- Your mobile application can be used to get more access and control over the property. You can assign virtual keys for one-time or recurring visitors while also having the power to open the doors from anywhere. Smartphone control can benefit building owners since you will not have to deal with in-unit hardware or intercom wiring at any stage. 
  • Property Intelligence- It involves the application of next-gen data innovations like artificial intelligence and analytics to the real estate industry. Property intelligence will reduce the time and effort of reviewing or analyzing the data. It will organize the data, distill and then provide insights. 
  Hybrid Work Environment Infrastructure Keeping in mind the positive commercial real estate outlook, here’s what you should be prepared with to adhere to the hybrid work environment. The property should have high speed internet as well as fiber to support the need for a virtual environment with constant connectivity and bandwidth. Due to a rise in remote work, there is growing popularity of the use of virtual desktop infrastructure (VDI) but it also requires the system to be upgraded accordingly. Your property should also have flexible spaces to allow for the fluid requirements of all hybrid workers. A lot of businesses that have a more non-permanent workstation environment can give this freedom to how teams work and come together.  There should be a strong, wireless network throughout the area to ensure that the connected devices can take advantage of the high internet speed. With more camera and video equipment being in use, there is a need for an efficient wireless network.    Reimagining the Central Business District Due to the changing workforce as well as consumer preferences, there are sustainability pressures which have led to the ‘reimagination of the Central Business District’ and the ‘urbanization of the suburbs.’ The location decisions will move towards the places where people can easily and conveniently live, work, shop, eat and socialize. Both, commercial and residential properties will be in demand where people find security, work and convenience to live.  The commercial real estate in St. Louis is ready for high growth throughout the year and the rising demand and prices will help the sector thrive.      Contact Us Now for More Information Phone: 314-588-1900