When President Obama visited the Capital Region, in 2009 and 2012, he came to praise the region's innovations in technology and education.
The president's visits to General Electric, Hudson Valley Community College, and SUNY Albany highlighted the unique economic growth and diversity of the region, which is reflected in a recovering and expanding real estate market.
According to a local real estate professional, pent-up demand is driving a recovery in the region's residential market. And initiatives such as nanotechnology, an excellent transportation hub, a workforce trained at highly-rated colleges and universities, and available land, are contributing to a brighter outlook in commercial real estate in the cities and counties of the Capitol Region.
The restless young and the retiring boomers
Another way to look at the local real estate outlook is through demographics. Carl Breitenstein, of Prudential Blake Commercial Realtors, says, "We have a young, growing workforce. Many are single, get a good salary, and are looking for comfortable housing close to where they work, play, and socialize."
"On the other hand, the Baby Boomers are retiring. And a trend emerging here is the concept of 'aging in place,'" says Breitenstein. "All-in-one facilities, senior housing, and assisted-living projected are being built or developed to accommodate this part of our communities," he says.
It is the job of a real estate broker to know these trends, to have his "eyes and ears on the community," says Breitenstein. "Our goal is to help businesses maximize their profits and make smart decisions about leasing versus buying, size, amenities, location, taxes, available technologies--a wide range of factors that can greatly affect a bottom line."
On a changing workforce that includes tele-commuters and work-at-home employees, Breitenstein holds that the needs for physical interaction will remain a factor in maintaining a demand for commercial office space. "We are social beings, and, that need will remain a considerable factor in the ever-developing real estate world in the Capital Region."
Developments that may spark another presidential visit or two.
David Balog teaches money essentials to Capitol Region families. 355-0967, dbalog99@gmail.com
Comments