With 2017 drawing to a close, general contractors are beginning to prepare for the New Year as the real estate market continues to evolve. As a full-service general contracting firm, SPACiO Design Build is excited for the new opportunities and trends that 2018 will bring. We have gathered a few of the trends that are sure to be important drivers in the general contracting space this year.
Increased Remodeling of Single Family Homes
As existing housing inventory continues to be thin, many current owners are forced to stay put in homes that no longer fit their needs. With limited new single-family home construction coupled with shrinking inventory, owners really don’t have a choice but to pour money into their current homes to re-create their ‘new dream home.’ If you are one of them, check out Houzz’s 2018 home and design trends to watch. The most noticeable new trend is the change from granite and marble to concrete. In addition to using concrete on countertops and floors, the latest craze is to use it in furniture, decorative accessories and wallcoverings. Another trend Houzz points out is wallpaper-like backsplashes. They suggest opting for tile that looks like wood, concrete, resin, fabric and even wallpaper.
Repositioning older buildings
With the revival of Miami’s urban core, we will begin to see the reposition and retrofit of older properties, especially those which have historic value located in South Beach and Downtown Miami. Little Haiti and Little Havana will also experience a similar trend. Many of these older properties have been acquired during this cycle and investors will soon begin to turn these neglected buildings into trendy shops, co-working spaces, restaurants and so forth.. These investors are proactively looking for specialty retailers and concepts that will require more experiential designs, one that dictate a high level of creativity and innovation in the build outs.
Hotels Updating Rooms
In 2016, the South Florida region added more than 1,000 hotel rooms in 2016 and another 1,300 hotel rooms are expected to open in 2017 and 2018, according to a Sun-Sentinel article. While general contractors have been busy building out the new rooms, in the new year we expect to see general contractors upgrading existing hotels in order to compete with the new generation of hotel rooms. In the past, hotels would make renovations to upgrade their look, but now they are changing renovations to meet travelers’ new preferences, desires and expectations in order to influence booking behavior. The industry is increasingly seeing hotels cater to the Millennials by focusing on health and wellness, or creating more social spaces. That is reflected in the type of remodeling we are often hired to do for hotel owners and operators.