Recent trends in social and workplace priorities have seen a rise in the design and construction of mixed-use building projects. The main purpose of a mixed-use development is to cut down on environmental use and waste and to reduce overall operating costs.
Warehouses are built to handle office space down the line, and old buildings are being repurposed for a variety of residential or commercial uses. New construction in the commercial sector is keeping multiuse applications in mind to make multiuse transitions easier and less destructive to the structure of the building.
Benefits of Mixed-Use Development of Commercial Buildings
Mixed-use development can range from one single building to a large complex with a variety of residential and commercial properties. At its best, the components of mixed-use development will complement each other to form a cohesive, collaborative neighborhood that offers an affordable way to blend work and home in a supportive, self-contained community.
Among the benefits and features for investing in a mixed-use building or development include:
Investors, landlords, and developers look to mixed-use development as a way to protect their interests and investments. The more flexible and versatile a mixed-use building is, the less risk there is that the property will lay dormant for any significant period of time. A multiuse property will offer options when needed.
Retailers and small business owners enjoy the foot traffic that being near other businesses enjoy. Complementary businesses within the same mixed-use development can develop a community feel and enhance sales for all.
Conducting business in a mixed-use building allows companies to form a solid relationship within the community. Customers and owners connect through mixed-use development to form a bond that solidifies brand awareness, recognition, and trust. Multiuse developments can be useful in supporting local economies, and they have been used to successfully provide economic growth to underserved and underdeveloped communities. These buildings can also be used to host community events and provide educational opportunities to make the best use of the properties.
Society’s current focus on implementing energy-saving measures at home and work is a big draw for a mixed-use building. Sharing expenses for energy, sewage, and other community resources helps to save energy and individual operation expenses. A mixed-use building also prevents the need to build several other freestanding buildings for each business.
With a variety of sizes, types, and uses in the individual parts of overall mixed-use development, a cohesive, comprehensive management structure throughout the property. Multiuse developments will usually draw higher quality tenants and fewer vacancies.
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If you are an investor or developer interested in listing your mixed-use building or viewing a mixed-use development for sale or lease, log onto the free commercial real estate resource at MyEListing today.