Commercial Real Estate Alliance

Demographic Shifts

By: Liz Berry, Associate Advisor, SVN | Commercial Advisory Group

Welcome to 2030; millennials are reaching age 50 and most boomers have hit retirement. Wait a second, it’s only the fourth month of 2020. But 2030 is only ten years away and the sweeping demographic shifts taking place over the next ten years will be impressive. The world is continuing to evolve. Self-driving cars, automated houses, and smart technology are already folding into our everyday lives. By 2030, they will be commonplace and it will seem antiquated if someone does not have them much like those who still have a flip phone today. Real estate is going to be greatly affected by these seismic demographic shifts taking place over the next ten years.

The way real estate is bought, sold and consumed over the next ten years will continue to change dramatically from the way it was twenty years ago at the start of this millennium. The integration of digital marketing and e-commerce of properties is here to stay along with the use of artificial intelligence (AI) to complete transactions. The top three generations: baby boomers, millennials and the upcoming generation Z all have their own preferred ways of doing business.

HUMAN CONNECTIONS ARE STILL VITAL

While an online presence is key, the importance of omni-channel marketing including person to person relationships cannot be forgotten. Just like there is

currently a resurgence in the need for travel agents, the need for real estate agents will never go away. People need assistance navigating the market. Faceto-face business may be done over a computer screen but humans need interaction in order to succeed. Residential real estate has been adapting to these digital changes for some time now and commercial real estate is next. Technological disruption is now going to have the greatest impact on the commercial world over the next ten years.

MIXED USE DEVELOPMENT

Commercial markets are going to see great changes due to these varying digital factors and influences. Convergence and overlap between the established sectors are going to cause dividing lines to blur. Mixeduse development is going to be at the forefront over the next ten years with the emergence of integrated factory showrooms, online catalog displays and experiential retail including dining. Office, retail, multi-family and light industrial will be blends of one in the same. You will not have an office park without housing, shops, restaurants, and warehouse storage facilities. You will have living communities for various ages that include shops, restaurants and a wide array of amenities. Modular construction will likely become the norm for affordable workforce housing. The merging of various commercial product types will shine through most in large scale multi-use commercial projects.

APPEALING TO ALL DEMOGRAPHICS

The emergence of more mixed-use development projects will provide a competitive edge for business owners by enabling them to reach all demographics at the same time. Boomers are tactile, they browse in-store then buy online. Millennials are tangible, they want everything online and they will go to a store to preview. Generation Z wants a sustainable experience that involves a personal relationship. The key to survival over the next ten years is appealing to all demographics, staying at the forefront in the use of technology and embracing change towards a new way of doing business for better or worse. Focusing on product types that include multiple commercial sectors converged will enable you to reach everyone. •

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RASM Recognizes Monica Waterman as ‘Humanitarian’ in Quarter 1 NEWS YOU CAN USE

Humanitarian of the Quarter (Q1): Monica Waterman, Realtor®, Allison James Estates & Homes

The National Association of REALTORS® (NAR) Good Neighbor Awards recognize Realtors® who make extraordinary commitments to improving the quality of life in their communities. Following this same blueprint, RASM has established our own Humanitarian Award to be bestowed quarterly. RASM’s goal is to recognize the Realtors® who are doing great things in our community. We want to show our members and the two-county area that Realtors® make up a large part of our community’s success.

The RASM Community Outreach Committee has proudly recognized Monica Waterman, Realtor® with Allison James Estates & Homes, as the “Humanitarian of the Quarter” recipient for the First Quarter of 2020. Monica Waterman has lived and worked in the Sarasota area for nearly 27 years, both in developer sales and general residential sales. She is passionate about giving back to her community, and she consistently shares 10 percent of her real estate income with local charities, which she believes helps her clients have a special connection to the community. One local charity, in particular, is very near and dear to her heart: Project 180.

Project 180 is a reentry program for formerly incarcerated citizens who are non-violent offenders. Over 30,000 Florida prisoners are released annually and reenter our communities. Many wish to become lawabiding citizens and have the best intention of living a conventional life yet have very few job skills, lack formal education, and experience discrimination in housing and job markets because of their felony records.

Waterman is very involved with Project 180, having just finished a 2-year term on their board of directors. “As a board member, I could see first-hand how someone’s life could be turned around for the better with just a little assistance. We all read the statistics, but when you physically see it with your own eyes, it has a whole different effect.”

“These individuals have no tools to integrate into society,” said Waterman. “Have you ever looked at a lease application? One of the first questions is ‘Have you ever been convicted of a felony?’, and the moment they answer truthfully, that’s it – the application is thrown in the trash. They can’t find a decent place to live or get a job. If they own a vehicle but have outstanding tickets that they can’t afford to pay, it prevents them from reactivating their driver’s license. The deck is stacked against them.”

26 | ELEVATE [ APRIL 2020 ] As a result, these former inmates become homeless, unemployed, and impoverished. They are unable to make it in the conventional world. Upwards to 70 percent will re-offend within 90 days out of necessity alone, and within five years, another 76 percent are rearrested for a new crime. This contributes to victimization and puts a drain on community resources. “What will happen is a person is actually in a situation where they have very little choice but to re-offend. It’s a matter of survival,” added Waterman. “It creates a cycle of desperate need, depression, and rejection. It is so hard to get on the right side of our society once you’ve been on the wrong side.”

Project 180 seeks to break this cycle by providing workforce education, housing, transportation, and financial assistance. They also have classes for inmates, an annual reentry lecture series for the general public, information and referrals for felons seeking housing, programs, employment, and a comprehensive, wholelife Residential Program for men in recovery. Project 180 seeks to build community, not prisons.

The charity also offers educational lecture series for the public called “Strong Voices / Strong Subjects,” that explores the impact of prisoner reentry into the community and through education helps to reform the “not in my back yard” mentality that often labels former inmates.

One of their most successful programs, the CEO Workforce Education Program, brings participating CEOs, hiring managers, and workforce agency specialists into the prisons to teach soon-to-be-released inmates how to find, apply for, interview for, and retain a position in each CEO’s industry.

“The CEO program provides a soon-to-be-released inmate with hope,” said Waterman. “They can receive decent employment in a positive environment, without being reminded of what they’ve done. They receive motivation and want to change their life around. We’ve all made mistakes. Who wants to be constantly reminded of those mistakes for the rest of their lives?” In addition to her work in the community with Project 180, Monica Waterman enjoys donating her time and money to other local charities. Charities that are important to her include Vintage Paws, a resort for senior, ailing dogs who have been abandoned, and also Mote Marine Aquarium. Through her “Heart of the Home” program, she donates 10 percent of her income as a Realtor® to the charity of her client’s choice.

“My customers can pick their own charity, or I will. It provides a great opportunity to connect the customer with their new home, give back, and involve them in their community in the most positive way.” To learn more about the many worthy programs at Project 180, visit www.project180reentry.org. To nominate someone for the RASM Humanitarian Award, visit myrasm.com/rasmgivesback. •