Mixed-Use is on the Rise
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Mixed-Use Buildings: Advantages & How to Manage Access
It’s a common sight in urban environments: a building that contains storefronts on the ground floor while residents live in apartments on the upper floors. This kind of building is called a mixed-use building. As mixed-use buildings gain popularity in cities all over the world, developers, owners, and managers are investing in property technology to better manage and control access in these unique buildings.
People have been living in mixed-use buildings for thousands of years. All the way back in ancient Rome, buildings called insulae hosted both apartment units and vendors like food stalls, bookstores, or wine shops (called tabernae). Even back then, people saw the benefits of letting commercial businesses and residential units mix to create a bustling, thriving cityscape.
Mixed-Use Developments Quadruple Compared to a Decade Ago
“Demand for live-work-play apartments, also known as mixed-use developments, has risen in the past decade, fueled by the blending of work and personal life…
Renters’ needs have changed significantly in the past years, particularly during the pandemic, with the rise in popularity of work from home blurring the lines between work and personal life. This demand for having everything close-at-hand fueled the spike in live-work-play developments, a concept that brings three of the most important aspects of our lives under one roof: living, working and entertainment. In fact, 2020 was the peak year for these types of developments, with 49,100 live-work-play units completed.”
The Walkable City: How to Adapt Your Building for Car-Free Residents
A thriving, walkable neighborhood is composed of a diverse mix of residential, commercial, and retail tenants. Your carless residents want to live near shops and offices for an easier commute.
By converting your property into a mixed-use building, you can host both residential and commercial or retail tenants in your building. That way, you’ll boost livability for your residents by ensuring businesses and shops are easily accessible. You’ll also contribute to generating more foot traffic, keep your local streets livelier and safer, and drive community interactions. All of these factors will make your property a must-have in the eyes of younger generations.
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A Post-Pandemic Boom in Mixed-Use Mega Projects Is Underway
“As some commercial property sectors, most notably office buildings and retail properties, continue to face some challenges post-pandemic, one popular project type—mixed-use—is making a strong comeback. All types of investors, including EB-5 investors, private equity players and publicly-traded REITs, like getting on-board with mixed-use properties…
Mixed-use development came to increasing prominence during the past market cycle and a compelling outperformance narrative started to emerge. For example, mixed-use properties can benefit from accelerated lease-up periods and rent premiums compared to stand-alone properties in the same market…”
Your Built Environment Guide: Developing to Maximize Value & Resident Experience
Mixed-use buildings are buildings that host both residential and commercial tenants. They’re a positive feature in today’s built environment because they make the surrounding area more walkable and encourage residents to spend their money locally.
Mixed-use buildings also increase the efficiency that comes with density. Instead of two separate properties with high emissions and separate utilities, mixed-use buildings put all the activities that a bustling neighborhood requires under one roof.
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