“Real estate development is the
business of evolution”. –Bruce Eichner,
founder of Continuum Company (Forbes, 2020).
We
couldn’t agree more with that statement. It is a reality that the Coronavirus
pandemic has changed permanently our way of living and our ways of doing business. Real estate
is (and will keep on) changing, perhaps
faster and on a bigger scale than any other field, now that people understand the importance of a space
that can serve as a home, as an office, and as
a recreation area. In the new normality we will soon approach, many components
of this industry are bound to be reinvented. For some, like Eichner, these
changes are still not outlined, but for other figures closer to Miami, the path
to follow is a bit clearer.
Miami then and Miami now
Dan Kodsi, the developer of Paramount Miami Worldcenter, is
well aware of the new paradigm the city is facing. The first thing that comes
to mind is the post-COVID-19 focus on health, for owners and investors as much as for everyday
personnel. Is
this really that much of a change in a world that was already going in that direction? Well, for Miami, it is indeed.
Renowned as one of the largest cosmopolitan destinations around
the world, the city’s expression of its architecture is rather extravagant,
luxurious, and even pompous, while its focal point
regarding practicality is aimed to the shared
spaces and community amenities. Right now, those aspects are being outshined
(and might even seem risky) by the preservation of a global well-being, that
only occurs in self-isolation. Like
this, there are many new inputs for the real estate world in the
post-coronavirus era, such as the use of materials, automation and virtuality.
A futuristic present
Maybe it is quite difficult to imagine a bigger virtual impact than
the one we are already experiencing; however, it will be the main vehicle for the human connection we
cannot do without. Moreover, not only the utilization of
new, more sustainable materials, but their means of
distribution are other major targets in the new upcoming reality. And finally, the key to the new real estate businesses and properties is based on
principles of automation: a world with fully contactless systems.
Things such as face and iris recognition might seem brought out of a futuristic movie; however, these technologies
were already being implemented before the virus outbreak and were only enhanced
by it.
COVID-19 has been only an example
of how quickly we must be able to adapt to new circumstances. In a world that
is changing in such an accelerated pace, it seems that the only way to stay on
top of business is to embrace the only matter that is always constant: change
itself. Here, at Miami Riches, we are prepared for it.
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