Population growth has continued to rise, increasing the number of people entering the workforce and needing a place to live. This means businesses need more office space and the demand for housing is high.
Industrial vacancy is at an all-time low of 5% in Chester County, but developers are not seeking to build industrial buildings for lease because rental rates don’t justify the high cost of land development. As a result, it is becoming evident that local and state governments ought to make it less costly to develop the land.
Researchers are seeing more evidence that the younger generation, those that have been putting off buying a home, now has their eyes on single-family homes. This means that housing—especially if it’s in walkable, transit-oriented developments—is in high demand. Over 2.6 million people have moved from major cities to the suburbs in 2016 and 2017.
The statistics couldn’t be clearer: the need for housing may soon surpass the supply. 12 million Americans spend more than half their earnings on a place to live, and since 2015, the combination of rising prices for single-family homes and rising mortgage rates have cut home affordability by 15 percent. Hopefully, in the near future, houses can be built more cost effective to increase housing affordability.
Businesses need more office space and the demand for housing is high so let D.L. Howell help you with land development needs!