As more and more of our daily activities run online, slow Internet service now constitutes a major risk for a property’s reputation.
(TNS) -- Ultra-high speed Internet such as Google Fiber still seems a bit fantastical to many people, but developers and real estate professionals say they can’t afford not to integrate the fastest speeds into new buildings any more than they could neglect to install plumbing.
Google Fiber is preparing to roll out its gigabit-speed Internet service locally – an executive said Thursday they hope to “light up” their first houses in Charlotte this year – and competitors such as Time Warner Cable are boosting their speeds as well.
“Reliable, fast Internet is a hot topic in the real estate community,” said Deputy City Manager Ron Kimble, at a forum in South End sponsored by the Urban Land Institute. Here’s what some of the players had to say about how the new ultra-connectivity is changing real estate:
Get ultra-high speed right, or get punished in the marketplace. “I wouldn’t say (renters) ask for it. They expect if. If it’s not there, they won’t live there,” said Greg McDonald, director of telecom support for Greystar, which is building the Ascent apartment tower uptown. He said Millennials especially expect the highest speeds. More and more of our daily activities run online – the Internet is now many people’s source of television and phone service.
Slow Internet service now constitutes a major risk for a property’s reputation. “We can’t tolerate a customer tweeting ‘I can’t get my Internet connectivity,’ ” said Tyler Niess, chief marketing officer for Charlotte-based Crescent Communities, which is developing multiple local apartment, office and hotel towers. “It’s a real risk.”
And Ian Davis, an attorney who works out telecom deals for real estate companies, put the impact of slow speeds like this: “Residents slaughter you on social media.”
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