Mixed-use developments or properties are becoming increasingly popular across the world, as they accommodate a variety of spaces, right from residential apartments to commercial premises within close proximity of each other. As per Joe Cianciotto, mixed-use properties basically refer to buildings that are specifically designed and constructed to combine living, leisure, and office spaces within a single development. Such developments help maximize land use by offering a variety of amenities near each other, while doing away with the need to commute between services.
Joe Cianciotto highlights factors driving the rise of mixed-use developments
Mixed-used developments are steadily gaining traction in the ever-evolving landscape of urban planning. Such developments blend residential, commercial and industrial spaces seamlessly within a single area, thereby providing a plethora of benefits. As an increasing number of people flock to key urban hubs and business centers, the high demand for budget-friendly and safe homes has ultimately caused a shortage of space. This has accelerated the need for mixed-use developments where people can live, work and leisure in one place. There are several factors that have played a role in the increasing popularity of mixed-use properties, including:
- Urbanization: A sharp increase has been witnessed in the demand for residential and commercial spaces in the recent years, owing to population growth, as well as the search for better job opportunities. Certain parts of the world see higher levels of demand than others, based on the potential for business profit.
- Working/lifestyle changes: The world has witnessed multiple transformations in the last few decades, especially due to the consistent advancements in technology. Today many organizations have adopted a flexible approach to working, including hybrid work and work-from-home. Mixed-use properties often provide serviced office environments that allow people to enjoy access to private work-spaces and shared facilities on-site. This helps in improving the overall work-life balance of people.
- Green living: The demand for eco-friendly and sustainable solutions has intensified in the recent years. Mixed-use developments are typically a more sustainable option than most single-use properties owing to their walkability and the large number of amenities they offer. Such properties can contribute to the reduction of energy consumption and carbon emissions. For instance, as people can simply walk from their home to the office, they would no longer have to rely on public transport and long car journeys.
- Property valuation: Mixed-use developments are typically equipped with a range of valuable amenities, and tend to be built in high-demand areas. They can prove to be a prudent investment option owing to their high property value, benefiting residents and businesses alike.
In the opinion of Joe Cianciotto, mixed-use properties can be of two types, vertical and horizontal. Vertical mixed-use developments are known to integrate multiple types of units by placing them on different floors of the same building. On the other hand, horizontal integration typically involves spreading residential, office and commercial units across multiple buildings in a complex. Mixed-use developments can be a safe investment for businesses and tenants. The close proximity to amenities goes a long way in encouraging local spending, as residents living in the area are more likely to visit nearby services and stores. Local businesses enjoy increased foot traffic, which increases their number of sales.
