Lifestyles are changing as a new generation of shoppers, employees and home buyers flexes its muscles. Shoppers shop online. Employees (in the tech sector at least) don't want to commute, and first-time home buyers want to live where there's some action.
To be successful, the building industry must not only adapt, it must take an active, innovative approach to delivering new product. That was a common theme at the Urban Development Institute's annual forecast event.
Mixed-use and multipurpose were the words that came up most often, as three experts gave their views on the development and construction industry in 2014.
- Colin Bosa, CEO of Bosa Properties looked at residential high-rise
- Mark Betteridge, executive director of Discovery Parks, talked about office space and the tech sector
- Michael Penalosa, managing principal of Thomas Consultants, explored the changing face of retail
Homes
On the condo market, Colin Bosa posed the question: What happens when the status quo is good enough? "We've experienced robust sales since 2001," he said. "That's 13 years and counting." He stopped short of suggesting the industry has become complacent, but did note that that the design of a typical, entry-level condominium home hasn't dramatically changed in over a decade, despite massive changes in the way people use technology, communicate, work, and even play.
Bosa believes these changes offer the industry a spectacular opportunity showcase its creative side. As an example, he offered his company's new BosaSPACE concept at University District in Surrey.
Entertainment space transforms back into a bedroom/kitchen/living room.
"In minutes, home owners can adapt the living room/bedroom of a 550-square-foot apartment into a 220-square-foot living room that comfortably seats 15 people. For formal entertaining, a pull-out table in the kitchen island creates seating for eight."
The demand now is for affordable, well-executed offerings that are close to transit. And master-planned communities may be the hottest trend in accommodating these requirements. "The concept has been around for thousands of yearsjust look at any European piazza and you'll find residential, commercial, and integrated outdoor space."
A European piazza, the model for mixed use developments where residents can live, work, shop and play.
Michael Penalosa acknowledged that "People sometimes will want to live in a house with yard... But for urbanized people, younger people, or people who choose not to have children, master-planned communities are a good option. There's the potential of being close to work, access to transit so you potentially don't need a carit's way more green, and it can be fun."
BosaSPACE condo set up for entertaining
European piazza model for mixed use de velopment
Offices
Mark Betteridge agreed. "If you integrate the trends of using rapid transit, denser living, more activities at a single location, and a generation of people who are used to multi-tasking in every sense, it's the only way to go forward." In the tech sector, where there are more jobs than qualified employees, the employees, "pretty much dictate where the offices go." He noted one individual recently refused a job offer in the tech sector because, "traveling daily from his Yaletown condo to Great Northern Way didn't cut ithe even owned a bike."
Referencing "that little movie called The Hobbit," he proposed redeveloping rural industrial parks into "tiny micro-villages hooked up with green spaces and recreation, can you see that appealing to the 20-30 crowd?" He sees these as a huge opportunity.
Shopping
Look for malls to continue reinventing themselves in 2014, says Michael Penalosa. "They're undergoing a change in the role and function. Malls can't just be malls anymore. They're multipurpose in nature. There's more than one reason to go there. They have office, they have residential, hotel, entertainment, civic functions. They have indooroutdoor experiences. The community is integrated now. It's no longer just a shopping place. Food and beverage is a main component. And an increasing emphasis on activated public spaces and place-making and experience-driven environments." In fact, he said, "It's all about experience."
Americana at Brand, in Glendale, CA. Multipurpose equals multi-experience.
Innovative American multipurpose shopping centre
In closing, all three speakers were optimistic, and agreed that innovation is key.
Bosa says, "I love this quote by Henry Ford: 'If I'd asked people what they want they'd have said faster horses.' It reminds me that big ideas should come from us, the leaders in our industry."
