Commercial settings vary as widely as the different types of tenants or vendors working — or potentially living — within them. This abundance of possibilities creates a multitude of opportunities for those working within real estate. As trends change, the ways in which people work, shop and live in spaces also fluctuate. For example, e-commerce and flexible work arrangements are changing the way people buy and work — factors to be considered when dealing with real estate.
In order to make the most of the opportunities available, investors and developers need to consider some of the alternate approaches available, in order to see what makes sense at a location. To help you make the most of your property, we asked members of Forbes Real Estate Council to share some ways people can adapt to the changing use of commercial space. Here's what they said:
1. Diversify Tenants
There are different ways to adapt depending on the type of property and space. For instance, with regard to retail space, an investor can diversify the tenant mix with more service-oriented businesses that do not compete with e-commerce, such as food and beverage businesses or beauty salons and spas. - Catherine Kuo, Elite Homes Christie's International Real Estate