After a lot of turbulence caused by the pandemic, the construction industry is working for reemergence amid challenging growth patterns. On one hand we see inflation making construction costs high and on the other hand labor shortage has made scaling of the business difficult. It is needless to mention the competition that prevails between the construction companies in the real estate sector. This makes it mandatory for innovation to spring competitive ideas to target potential individuals.
If we talk about the global trends, the pandemic has changed a lot of it. From project scheduling and closing to hiring of employees and the way they meet up has changed over the years. The COVID-19 has compelled people to go for virtual meet ups but thanks to the technology, the work remains unhampered still.
As the real estate sector grows, the competition becomes tougher and for those who plan to invest in here in future must consider paying heed to the following tips:
- Protective equipment is becoming increasingly popular on work sites for the safety of workers. It should be incorporated in the work domain for safety against potential hazards.
- Efficient technology in the form of 3D printed has reduced not just the duration of projects but also their transportation costs. In addition, the work efficiency also increases.
- Construction drones are another fastest growing trend that provides aerial photographs for real estate property and site. Later these photographs can be used for mapping larger areas.
- Augmented Reality (AR) refers to 3D visualization of future projects and this trend has begun attracting potential clients in the real estate sector. In addition, the feature also provides automated measurement of buildings and quick simulation of structural and aesthetic changes.
- Building Information Modeling (BIM) is one of the top trends in the sector. Through modeling, computer renderings of buildings can be generated.
- The demand for labor has taken a sharp hike in the past couple of years. This is because of the inevitability of the construction works despite lockdowns due to the pandemic. In this regard, robots have also been used to ease toiling works on site. A good and competitive labor team provides strength to the real estate sector.
- Remote worksites and mobile access have made it easy for the team to inspect the site from a distance using mobile applications. In addition, using mobile phones, accurate measurements may be taken.
- Innovative and environment-friendly construction techniques including self-healing concrete, stamped concrete, light-generating concrete etc. provide not just financial savings but also serve durability and structural integrity.
- Green buildings are an excellent trend in the real estate sector. The construction is not just aesthetic but sustainable and eco-friendly. This is because green buildings tend to lower the carbon footprint of a building and also bring a positive impact on human minds.
- Offsite construction entails prefabricated units that are merely assembled on the site and hence reduce the project duration. Modular construction is a growing trend, offering better services even in the pandemic.
- Construction management softwares such as Autodesk, Quickbase, Procore, etc. are being used as vital in the competitive market.
- Smart cities are sustainable projects that require a great deal of planning and investment but are a hub of outside investment and revenue generation.