Mixed-use facilities are types of urban developments that blend commercial, residential, institutional, and cultural or entertainment use. They take forms of a city block, a single building, or an entire neighborhood. If you are thinking of developing or leasing a mixed-use facility, you need to know its pros/cons to make an informed decision. This post will examine the benefits and challenges of mixed-use developments. Keep reading to know more.
– Time is money in this time and age. If you spend a lot of time commuting to run your daily errands, you will not have adequate time to run your core business or even be with your family. Fortunately, a mixed-use development can ease life dynamics – it creates an environment where people can work, live, and enjoy outdoor life in close proximity.
–Mixed-use projects are designed to provide incentives to boost your transportation. Light rail, bus service, and commuter rail are often planned around nodes that include mixed-used developments. This makes transportation very efficient. It also helps to attract millennials to your business – they are often socially and environmentally conscious.
Front and back end use
– If you are a lessee, the chances are, you are searching for a location where you can conduct both your front-end sales functions and back-end functions in the same place. So, if you run a small retail business, you’ll realize that a mixed-use development can give you the opportunity to have all your employees in one location hence improving work efficiency.
– Most property managers find it difficult to manage this type of development. This is because managers either focus on retail space management or office management. So, unless several managers are assigned the task of managing one project, even one mixed-use facility can be tasking. If you are a tenant, you may realize that the property manager does a great job of managing retail tenants, but he or she may not be efficient when it comes to office tenants. It’s better to make consultations before leasing space in a mixed-use development.
Lack of parking space
– Another common problem that occupants and visitors face in a mixed-use facility is parking space constraints. When you lease in a mixed-use complex that features restaurants, general retail space, office space, exercise gym, condominiums, and apartments, getting parking space can be challenging. From the implementation of parking regulations to working out the use of different spaces, parking can become a headache. Moreover, traffic can get heavy at any time creating unplanned inconveniences.
– If you prefer to live in a quiet environment where you can relax after work, staying in a mixed-use facility can be difficult. Noise transfer from residential and commercial areas is a price you’ll have to pay. The problem even gets worse if your residential unit is close to a nighttime bar or restaurant, not to mention other related irritants such as cigarette smoke, cooking smells, and visible trash. Fortunately, these problems have solutions.
Before you can lease or build a mixed-use facility, make sure you weigh all your options. A real estate expert can also help you make an informed decision.