Mixed-use properties are not a new phenomenon, but their popularity has grown due to the general housing crisis, growing awareness of sustainability and the impact of the pandemic.
By Ovidiu Posilka
Mixed uses such as residential, accommodation, retail and office will continue to increase among new developments as they effectively meet end-user demand for a community-oriented, sustainable and “walkable” lifestyle.
In an uncertain economic climate, mixed-use developments are becoming more attractive as diversifying revenue streams increases the potential for long-term profitability. Investors are willing to tackle the complexities of mixed-use developments, which often require additional work in the planning stages and significant upfront capital. Additionally, these projects allow developers to be at the forefront of smart city and sustainable planning initiatives, positioning their teams as innovators and ensuring the long-term viability of their business.
Whether it’s a single building or a large-scale urban development, this type of project offers a wide range of benefits.
– Improve sustainability and reduce carbon footprint: Mixed-use facilities, by design, are convenient for occupants. If you live in a mixed-use building, you’re more likely to be close to the amenities you need. The same is true if you work in an office; you don’t have to travel across town or commute to get to work or a restaurant. Having amenities nearby encourages people to avoid car trips and take public transportation when needed, all of which leads to a reduced carbon footprint.
– Increase resident well-being: Mixed-use areas do not have to be limited to residential units and commercial facilities, but can also include shared spaces and green spaces. This can provide a range of benefits, from encouraging physical activity to improving residents’ well-being and health. Many developments can also bring residents and users closer to medical facilities, encouraging social interaction and reducing feelings of loneliness.
– Ensuring flexibility and resilience: The pandemic brought about a change in perspective. Owners and occupants of single-use buildings had to accept that they were paying for development that was at risk of falling into disuse, while owners and occupants with mixed-use projects had much more flexibility.
– Increased Revenue Opportunities: For mixed-use property owners and landlords, the direct effect of these benefits is increased demand. Office space in a mixed-use environment can command higher rents than a comparable standalone office building.
– Supports the local economy: Mixed-use facilities provide an advantage to local shops and businesses as workers and residents are more likely to spend money in nearby establishments. They also provide job opportunities for residents.
– Promote green building features: Green buildings often incorporate energy-efficient infrastructure, such as grey water systems that recycle water from washing, showering, and other uses for non-human purposes like landscaping. Green-designed buildings also often include solar hot water heaters, green roofs, rainwater collection systems, and other sustainable design features, and developers tend to incorporate these features more easily into transit-focused mixed-use developments.
– Increased land-use efficiency: Reusing existing infrastructure allows mixed-use facilities to use land more efficiently, leveraging resources already available in a community. Many mixed-use development projects are transforming underutilized industrial space into vibrant community hubs.
Mixed-use projects could be the answer to many of the issues currently facing the built environment. With sustainability being a global emergency and a key focus for the construction industry, and the UN’s 2050 net-zero target looming, these mixed-use buildings and developments may just be the solution every business should be considering.
Without incorporating modern sustainable practices into construction, businesses and communities will be at the mercy of a changing climate. Mixed-use development benefits both developers and city residents, providing development teams with a financial model that mitigates risk and creates vibrant, connected, sustainable and resilient communities.
