CONSTRUCTION TRENDS TO WATCH IN THE NEW YEAR
As the New Year gets underway, we’ll start to see new trends in the industry. Here are a few exciting topics to keep a watch out for:
Senior Housing Communities Facility Updates
There is a potential new pipeline of senior housing construction work focused on retooling employee spaces at existing senior communities to be on par with those in new-construction developments. While they are often mostly cosmetic in nature, these projects pose unique challenges in that they involve working in and around an operating facility.
New potential to fill existing retail vacancies
Retail news was pretty negative in 2018, with major brands such as Sears and Toys “R” Us shuttering and leaving behind vacant stores across the country. But looking ahead to 2019, there seems to be a lot of positive creativity in the way developers and landlords are brainstorming on how to fill these spaces.
Several national developers are actively reimagining use of spaces opened up by the wave of closures. Some are considering breaking up the square footage in new ways; creating opportunities for smaller-format stores in what are often high-profile, high-traffic centers. Others are thinking out of the box and considering bringing senior living or multifamily residences into these sites, capitalizing on the high demand in these sectors.
Restaurants dish up new-construction opportunities
Restaurant construction has consistently been a strong sector during the economic recovery and it is expected to see a robust pipeline of work continuing throughout 2019. One factor driving this activity is that national restaurant brands are opting for ground-up new construction rather than retrofitting an existing space.
Another trend driving restaurant construction activity is national brands relocating within a market where they already have a presence. This is often the result of a more desirable location becoming available, or the brand revamping its concept and deciding to build new on a different site. In either case, the benefit is that the restaurant can continue operations at the original site without the disruptions of a remodel project until the new location is ready to open.
It is certain that there are more good things to come in 2019 to benefit from.
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