Trends in Office and Industrial Parks
26 Apr 2021
News
going into 2021 is COVID-19. The pandemic has reduced business production and workforce (through illness, social distancing, and remote working), disrupted the supply chain and cash flow, and brought about significant investments in technology.
Across the nation, the demand for suburban office parks is rising as more skilled workers move back to suburbs, due to concerns about housing costs and quality of education — they also feel safer from COVID-19 and the civil unrest that is happening in some larger cities.
“The most notable shift is toward lower-intensity spaces, where getting into and out of buildings can be done without close contact to others,” says Mark Stapp, professor of Real Estate at Arizona State University in Phoenix.
This trend is compelling more developers to consider older office parks in suburban areas as attractive opportunities for redevelopment — especially as targets for millennials and businesses that hope to attract millennials.
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The Royse City, TX Community
Royse City is home to a growing number of young professionals and families. The average age within the city is 32 years old, and the educational attainment is higher than the national average. This has led to a population that is active, educated, and earns around $90,000 per year - far more than the national average. With 15,000 new homes in some stage of development, the city’s growth is expected to continue for some time. As it does, investments are being made in parks and recreation and the local school district.
Housing Costs Less
Abundant Shopping
Low Cost of Living
Open Spaces