Home is where the heart is and so on and so on. These days, the home is headquarters to millions of consumers and employees. The home is no longer simply where we raise our families. It's much much more. Think about the drive-in theater whose day has come and gone. Sure, there are a few drive-ins scattered around the country but this once popular past-time has been replaced by giant multiplex theaters with stadium seating and Dolby digital sound. Even these giant theaters might soon go the way of the drive-in as companies that offer DVDs in the mail such as NetFlix and on-demand video becomes more widespread and takes center stage. The trend toward home entertainment mirrors a broader trend toward the home as a one-stop shop. In many ways, the home is becoming the central nervous system. It is now possible for someone to order just about any good or service from the comfort of their own home. In addition, many higher end homes have become mini-resorts where people can swim in a resort style pool during the day and then watch a movie on a big screen at night. As homes becomes more intelligent and the Internet continues to make previously unavailable options available to consumers, the trend toward home will continue to impact real estate.
Modern In-Home Theater
For instance, modern movie theaters now have to compete with state-of-the-art in-home theaters and resort vacation destinations now have to compete with staycations as people can practically take a vacation in their own backyard. Traditional office space is also having to compete with the home office as modern technology has made it possible to telecommute. Email, text, video-conferencing, and high-speed Internet connections allow more people than ever before to work from home. In 2000, it is estimated that 4.2 million people worked from the home all or part of the week. By 2008, that number had grown to approximately 17.2 million people working from a remote location such as a home office. Today in 2011, the trend is growing and more people than ever before are telecommuting. The implications of these trends are having and will continue to have an incredible impact on traditional bricks and mortar commercial space.
Online Education - A Growing Trend
Another growing trend in the US and around the globe is online education. In the US, it's even possible for a person to graduate from high school without ever setting foot in a traditional classroom. Hundreds of millions of dollars are being spent to make online education accessible to the consumer. Everything from courses required for a college degree to a real estate license can be completed online. In spite of all this convenience, however, most people still choose to attend traditional schools and still want to shop at stores. However, the trend toward online retail is booming. According to BizReport.com, Internet sales reached $156B in 2009. In some instances it seems that consumers still want to touch, see, and hold the merchandise before they buy it. Grocery stores are a good example. Book stores, on the other hand, are not faring so well. Digital readers such as the Kindle and iPad are more sustainable options than traditional books and they don't require as much space as paper books. People are embracing digital books like never before. Only 14% of print book readers now say they will never try a digital book and 26% of adult book readers are already reading digital books. This trend toward digital books will continue to grow. From online shopping to online education, it's clear that advanced technology in the home and the workplace is reshaping how we live, work, and play. It's easy to see a future where the home, in tandem with modern technology, will become the commercial hub for millions of Americans, altering the real estate landscape forever.
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