Over the past few years, the real industry has been rocked by unpredictable changes. The two main upheavals are the global financial crisis in 2008 and the 2020 pandemic. These situations have marred the real estate industry, and the question on everyone’s mind is whether it can weather these storms. Nick Millican, a real estate professional and investor, opines that the industry will survive and even come out stronger.
Why Does Nick Millican Insist on Legacy and Innovation in the Real Estate Industry?
If there is one thing that remains constant in the real estate market is the constant turmoil that hits the housing industry now and then. Over the decades, this industry has had to adjust to different scenarios, such as;
- Fluctuations in commodity prices in the 20th century that adversely affected building costs
- The increase in environmental consciousness that prompted a rise in green building initiatives
Regardless of the crisis, the industry always gets back on its feet by embracing legacy operating procedures and new innovations; real estate agent and investment expert Nick Millican believes that a traditional view of the market and its fundamentals are vital, coupled with the ability to innovate. This will ultimately be the difference between survival and failure in this industry, more so in the commercial office space.
Remote and hybrid work have changed the office spaces companies choose to rent and how they use them. This is where innovation comes in because savvy real estate professionals will adapt to the changes and provide the desired collaborative workspace. The collaborative space gives employees a desirable and compelling reason to be in the office. Additionally, Nick Millican finally states, real estate companies that take up the lessons will remain in business and thrive as those who don’t will face a challenging market.