Apartments on the rise?
Take a look at the landscape in the high-rise building industry. So many companies are forcing their employees to only work from home. It seems like this will be the norm in the future and we think that it's going to throw the high-rise industry into chaos. It will eventually mean that we will need to convert office space into living quarters. You can expect to see high-rise buildings being used for this purpose in the next decade. So, it's going to mean that a lot of competitive pricing will need to be implemented in the current and future apartment sector so professionals can be given more space to live and work in major cities.
Some governments know already
There is various chatter among the ruling classes that something has to be done about this. Singapore for example has been running a hdb grant scheme that allows for up to $80,000 in a grant for those that are earning from $16,000 a year. This means that workers that have a low income can become homeowners or at least, condo owners in the city-state. With more and more people owning or renting a home or apartment, it means that the housing industry will need to create new homes. Well, if high-rise buildings specifically for offices can be converted, this solves the problem. As you can imagine, this means more housing for the current residents of Singapore but then, more space for foreign professionals coming into the country. It's a remarkably far-sighted plan which has done wonders for the property market in Singapore. Now is the time to invest and take this grant if you are eligible. Use the money to convert office space into living space.
Where to invest?
Ah, this is the golden question, isn’t it!? Where to go. Well, it seems like the city with the most high-rises shall become the hotbed of activity in the next decade. As ever, it's going to be in Manhattan, New York City. however, places in London will also become subject to the same cultural shift. We suggest that you read this article about the change in high-rise building culture and physical designs regarding interiors. We recommend that you consider your options mainly in societies that have high populations and also, smaller cities that have a high percentage of foreign talent like Hong Kong, Singapore, Seoul, and Toronto.
What to look for
You have to keep your pulse on the markets, which includes the property industry. You should read up on articles that show you the shifting sands in the property industry, especially in cities with high-rise buildings. So, read articles in Forbes, Entrepreneur, and Wall Street Journal. However, you can also work with investment firms and property development companies that are looking for investors or clients to work with. It's quite common for investors to give their money to investment firms that will be investing in properties undergoing conversions.
However, you should work with companies that have consistently been investing in apartment buildings such as Berkeley Group. They will be buying up properties that are failing. So office buildings will, literally, be switching ownership in the next year or so, and this provides the gap you need to start investing. Rather than inviting yourself, you can work with a professional company that does this for a living.
Office buildings might become a thing of the past, or perhaps, a far less frequent type of building in the world. Now is the time to start investing in condos and apartment buildings that are rapidly altering the property landscape.
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