Why Mixed-Use Developments Could Be For You

As the world population is on the increase, suitable land for property development is

becoming scarce which means the price of land is likewise on the increase. Recently, a

solution to combat these challenges has risen with prominence to deal with these

complexities. We call them mixed-use real estate.

These are developments that are built to merge a mix of retail, commercial and residential units that use space effectively in the context of an ever-growing population.

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So what’s behind the admiration of mixed-use real estate?

Mixed-use developments aim to aid quality in retail, residential and commercial services in

large suburbs, ultimately breathing new life and energy into areas that didn’t previously

have much of a focal point. By integrating diverse types of real estate into a single project,

mixed-use developments bring together all foundations of neighbourhood, often described

as a Live-Work-Play community where people can enjoy all aspects of life in one place.

Mixed-use developments not only bring a community to life, but they bring life to a community.

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A shift in property aspirations

Traditionally, there has been a negative perception towards the idea of sharing space with

commercial and retail areas as it takes away from the idea of a quiet home in the suburbs.

There are some indications that this mind-set is changing.

Shifting consumer behaviour amongst the younger generations have had a role to play in

the demand increase for mixed-use developments and this is to be seen with different

generations having diverse property aspirations. Home ownership in the suburbs, once

classified as the quintessential dream, has declined among the people who now look at

merging convenience and lifestyle, placing priority in living within a vibrant area close to

their work, shop and leisure activities.

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More green spaces

Mixed-use developments have also pointed towards being a green and sustainable route.

The effective use of space in itself creates a more sustainable option making it soar in

popularity for more ethical living. Furthermore, a number of developers are aiming to use

green materials that cultivate energy efficiency for the consumers, which ultimately go a

long way in creating a better world for its endurance. In addition to protecting the life cycle

of the property itself, the energy efficiency aspect is appealing for many tenants – a factor

that is likely to see them around for quite some time.

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A seamless blend of services

The right mix of residential, retail and commercial are particularly crucial for a mixed-use

development to be successful. If each facet does not compliment the other, developers can

face a challenge not being able to fill the new space. There needs to be the right

combination of residential, retail and commercial for home-owners to feel the peace and

tranquillity that a home offers, for shopping to be made accessible for easy convenience and

businesses to receive footfall to thrive. All these services need to work in synchrony

together that aren’t a detriment to each other but rather an augmentation to an upgrade in

lifestyle.

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Convenience at your doorstep

Because mixed-use developments merge a number of services, it brings multiple uses into

what creates a cohesive development. In the past, many people living in suburbs would

have to commute to places of work, recreation and convenience to cater for their day-to-

day activities and duties, whereas now this type of real estate provides services within reach

and close to where they live. The objective of this kind of real-estate is to create an

opportunity for people to have access to all the uses they need, reducing unwanted lengthy

commutes.

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Neighbourhood connections

With the increase of mixed-use developments comes an increase in shared community

spaces that enhance neighbourhood connections. Spaces could range from patios,

community rooms and fitness centres that give all tenants of the building an area to meet

each other and take part in recreational activities. Tenants can enjoy some fresh air, meet

and greet neighbours, and engage with the surrounds of the neighbourhood eventually

building and strengthening a community.

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Experience enhanced real estate

As the property market progresses, experience based real estate is now on the rise with

consumers aspiring to pair a high-grade product with a phenomenal living experience to

indulge in. Mixed-use developments offer a chance at this through the very design and

structure in which it is created, making this an ideal place for lifestyle upgrades.

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