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Feb. 25, 2014

Guest Blog: New Condo Development in Miami and Toronto Will Change the Way Properties are Managed

By Hector Vargas and Tasso Eracles, FirstService Residential

In many major North American cities, construction cranes have found a place back on the skyline as downtown core areas are seeing a rapid growth in development—especially the development of new high rise condos. With so much activity under way, the discussion among community leaders and real estate experts has centered on the impact that new construction is certain to have on local economies and urban infrastructures. As new residents arrive in downtown centers, the demand for additional businesses—from grocery stores and bank branches to restaurants and pharmacies—will surely grow, while at the same time the use of public transportation and other services will also increase.

While a great deal of the dialogue about new condo buildings has focused on their general economic value, less attention has been paid to the specific benefits and challenges that await those responsible for managing them.

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