A new trend that has emerged in both commercial and residential real estate is compactness. People and businesses have come to the realization they don’t need as much space to work or live in, and want to reduce costs as much as possible by downsizing.
From saving money to saving time when it comes to cleaning and taking care of your home, the benefits to downsizing are many. “While the word ‘downsizing’ sounds like a choice to diminish what you’ve worked so hard to achieve, in some cases it can actually be viewed as upgrading,” writes Realtor.com.
For some, the amenities surrounding many smaller living and office spaces, particularly those that are situated in lively retail and downtown districts, are said to make up for the lack of space. Developers see this trend of dense developments in both office space and living space as yielding greater profit for the buildings in the long run.
However, even in areas with fewer amenities, Realtor.com points out that many are choosing to live a more minimalistic and simplified life. Whether out of economic necessity, choice to keep things simple or both, downsizing may even be appealing as an antidote to a culture of oversizing and excess.