The real estate sector is going through a full transformation. The effects of COVID-19 are accelerating trends such as telecommuting, online shopping and digitization, which in turn are creating new social and consumer habits. All this is affecting our way of living and dwelling. Offices, urban hotels, physical stores and shopping centers are rethinking their business model while new sectors are strongly emerging such as the residential one (residential for rent, student residences and senior living) and those related to technological development such as data centers, logistics or communication towers.
Meanwhile there is growing interest in developing affordable and social rental housing to address serious social needs. The logistic real estate subsector is also growing, especially since the pandemic started. The spectacular boom in the online market has led to greater contracting of logistics spaces and has aroused investor interest in warehouses and industrial platforms.
On the other hand, consumers are showing new preferences driven by the effects of confinement and their yearning for a more sustainable life. Thus, from preferring to live in the heart of the cities, even sacrificing square meters, we are witnessing a new demand for larger flats in the suburbs. In the list of priorities, light, green spaces and gardens are the social and cultural life and the services of the center of the capitals.
The advance of telework, which will continue to coexist with face-to-face work, has significantly reduced transport spending in Span and part of the demand has moved 20 or 30 km from the center, to have more amenities and green spaces.
Finally, it has become a growing trend for many people and to move their homes to a rural environment, with the acquisition and restoration of residences in these areas far from the big cities, favored by the growing extension of telework, the improvement of telecommunications and the growing interest in being in direct contact with nature and leading a more sustainable lifestyle.