Kanat Sultanbekov Discusses Important Points in Real Estate
Sustainability emerges as a significant trend in today’s real estate landscape. Kanat Sultanbekov, a seasoned professional in the field, points out that while a business’s carbon footprint may not be immediately apparent, ongoing efforts by various organizations to encourage environmentally friendly practices highlight sustainability as a major global trend.
A higher awareness of climate change brings about sustainability. Because of this, people know they need to take action.
Examples of practicing sustainability in commercial spaces can be seen through the incorporation and installation of solar panels in the building’s design. Another way that supports sustainability is the capture of natural lighting to reduce energy costs.
The Call for Sustainability
In recent years, there has been increasing pressure on industries to minimize their carbon footprint. Kanat Sultanbekov highlights the global movement that has emerged over the past few decades to mitigate the environmental impact of carbon emissions.
As mentioned earlier, in many instances, developers have started to use eco-friendly practices in the commercial real estate sector. Here, sustainability has been integrated into ongoing and future projects.
The Movement Towards Sustainable Practices
A good example of sustainable practice is getting a LEED certification. Securing a LEED certification is now a standard practice with many commercial real estate developers in the U.S. LEED certification is awarded only to new and renovated office buildings.
These buildings have started adopting the best practices in energy, lighting, air quality, and water conservation.
There is also the matter of tenant expectations. This plays a huge role in making sustainable commercial spaces mainstream. This is because sustainability has been an important part of the corporate culture of many major companies worldwide. In fact, tenants are even willing to pay higher costs for it.
The Role of the American Government
The government has also made sure to speed up the movement. Government offices have come up with rewards for organizations and establishments that support sustainability through the IRS.
By offering tax deductions for energy-efficient retrofits, companies are motivated. Likewise, the federal Solar Investment Tax Credit provides a 30% tax credit for solar-powered fixtures on commercial properties.
Other offices, such as the U.S. Office of Energy Efficiency and Renewable Energy, also offer tax credits and abatements. They provide bond financing, grants, as well as rebates.
The starting costs of developing sustainable facilities are much higher than traditional building expenses. That said, it has been demonstrated that sustainable buildings offer better marketing and staffing. They also provide cultural and investor advantages, adds Kanat Sultanbekov.
The Rise of Other Important Trends in Commercial Real Estate
According to Kanat Sultanbekov, most commercial real estate properties are office spaces. To be successful as a developer, you have to know workplace trends.
On that note, we look at other real estate trends that can significantly affect real estate development.
The Matter of Operational Flexibility
Like a lot of trends, this trend is caused by the market. Because of previous market downturns, Kanat Sultanbekov points out that investors are now looking for a property’s ability to stay flexible regarding their client’s needs.
Operational flexibility considers the possibility of tenants coming and going. It also means that the building should accommodate every tenant’s needs. This trend has led to the repurposing of some commercial real estate property spaces. These changes help accommodate the needs of incoming clients.
The Need for Enhanced Human Experience
The human experience is one such trend. It is brought about by millennials joining the workforce. This is largely due to their expectation of the workplace being modern and livable. They also believe that workspaces should be collaborative rather than just functional areas.
This trend emphasizes open spaces and recreational areas. It also focuses on other spaces that promote productivity and creativity.
Kanat Sultanbekov is a seasoned construction manager. Read more of his insights on this page.
