PricewaterhouseCoopers and the Urban Land Institute have released a report on emerging real estate trends every year for the last 37 years straight. The latest report identified real estates trends that are expected to sweep over the country in 2016. Based on indicators outlined in the report, it appears that the Village of La Jolla may be gravitating toward a couple of national trends.
A new take on suburban life may emerge in the Village
The Village of La Jolla has recently allowed some mixed-use projects to move forward to their next phases in the approval process. Should these projects be fully “green-lighted,” they will open up the Village to not only retail and office space, but also townhomes.
This move toward townhomes in the Village mirrors an emerging real estate trend in 2016 of increased mixed-use properties. This developing trend meets the needs of Millennials who are reframing the way we view suburbs.
Eventually, Millennials are likely to venture into the suburbs as we known them, but for the time being, they are drawn to mixed-use areas for a number of reasons. Among other things, Millennials value the ability to walk in lieu of driving (by over 12 percentage points according to the report) and the convenience of being near work, but not living so close to the city center.
Known for delaying major moves, Millennials are expected to settle down in the suburbs in due time. The report found that only 37 percent of the 46 percent of Millennials currently residing in cities prefer to live there. They will likely meander out of cities, but not before they redefine suburbs as we know them.
Reinvisioned office spaces in and beyond the Village
The Village of La Jolla has seen a number of PDO exemption requests seeking to utilize retail space as office space. Dual desires to lease vacant space and preserve the Village’s foot traffic friendly vibe have presented themselves during exemption request meetings.
While the Village of La Jolla leans toward repurposing properties to meet residential and perhaps, office space demand, there’s another side to this emerging trend that is popping up in La Jolla. Although not in the Village, another prime example of reimagined workspaces is One La Jolla Center. From surfboard storage to WIFI enabled outdoor workspaces, One La Jolla Center is catering to the needs of the modern day employee, a trend that is unlikely to fall out of favor any time soon.