With the new year, many like to make predictions about what to expect as the culture, laws and popular influences change. Those predictions are worth more when they are based on experience and observations. When Ohio investors look at the upcoming year for real estate trends, they may be able to make more educated decisions if they know what some analysts are expecting to see in both commercial and residential transactions.
The cost of building is rising, mainly because of interest rates and the fact that labor prices are increasing with changes in immigration laws. This may mean that investors will be watching the supply and demand more closely before taking on large construction projects. However, many of those construction projects will be build-to-rent communities, which are attractive to both those younger families just starting out and those who are downsizing in their later years.
One important element real estate investors continue to watch is the influence of technology on real estate. Owners of commercial property must keep their units technologically up-to-date as well as remaining flexible to the needs of tenants. Additionally, attracting the right tenants will be an issue since the most successful tenants in 2019 are likely to be those that do not compete with e-commerce, for example restaurants and gyms.
Any real estate transaction can be promising, and starting off the new year on the right track may breed a spirit of optimism for the possibilities of the future. Those in Ohio who plan to investigate the many options available for real estate investment would be wise to seek as much information and advocacy as possible. The assistance of an experienced attorney is always a good place to start.