A few years down the road, real estate may look very different than it does today, as “hotelization” trends continue to pick up within the various asset classes.
Hotelization is the shift from the traditional idea of space as an asset, to space as a service. In some cases, developers are expanding properties beyond their original purposes to make them more like lifestyle centers, with a focus on enhancing tenant and customer experiences. This can take the form of community wifi, artificial intelligence in HVAC, and electric-vehicle charging systems. In other cases, developers are building wellness into spaces, with a focus on natural sunlight, green space, better air quality and energy efficiency. Experts say this is gaining traction across various property types, particularly office and multifamily. As a result, the role of property managers, construction managers and asset managers are changing, as well.
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