Land development seems to be booming in the southeast, especially during economic hardships, but why? The pandemic has driven Americans of all ages out of the city and into less populated areas. Southeast states such as Florida and Georgia have benefited the most from this migration.
Although southeast states provide more affordability and more space, people want to live in houses that cater to their post-pandemic lifestyle. New development planning in the southeast is being redesigned to facilitate these needs. Subdivisions are being reconfigured to accommodate more outdoor space for public and private use as more and more people become accustomed to life at home. With the influx of people moving into these areas comes the need for an increase in single-family and multifamily construction with a post-pandemic twist.
Companies are also relocating to the southeast, further driving the population and commercial growth. Commercial properties in the southeast are being redesigned with meeting areas, outside lounge areas, and trails to cater to post-pandemic needs. These needs present an advantage over existing commercial real estate development, such as retail stores that might not be able to adjust to post-pandemic lifestyles. Existing restaurants are looking to redesign with more outdoor seating and open-air concepts, which might only be possible through new development. With pre-pandemic layouts and designs for commercial properties on the out, this will create more space for evolving development, and we all know the northeast is desperate for more space. Relocating businesses and commerce centers will pave way for multifamily and single-family development, generating even more commercial development opportunities.
The connection between residential and commercial growth can be supported and strengthened by acknowledging the evolving needs of a community. As businesses and people move, opportunities will arise. Will the northeast learn from their southeast region counterpart’s success in the land development industry? Can we overcome the south and be more successful?