Real Estate Development: Is Smaller Better? In Some Conditions ... Maybe So!
In Areas Where Square Footage Means Big Bucks, Micro-Units May Be The Face Of Future Real Estate Development
What are Micro-units? They are very small apartments, designed for areas where folks want their own space, but where square footage per resident is very small. They are popular in Tokyo, and just now coming into view in New York. This could be the future of urban real estate development.
This article from the NY Times will fill you in.
Michelle Higgins - "If living in one of the 275-square-foot “micro-units” outlined by Mayor Michael R. Bloomberg recently as part of an apartment design competition sounds unbearable, consider this: the size of new rentals in the city has been shrinking in recent years." ...New York Times
"Micro-Units Could Be At The Forefront Of Real Estate Development In Urban Areas
Can Micro-Units serve everyone? Hardly. But we can see them becoming popular in many areas where rents are high and the population dense. The future of real estate development in urban and suburban areas will see great innovation in the coming years ... especially with a growing population and shrinking availability of undeveloped space. Micro-units will be just one of many such innovations.Real Estate Development.