A mixed use development is any real estate project – be it an integrated township or a single building – that combines residential, commercial, industrial, and retail sectors. Mixed use developments give us the chance to create an integrated space wherein its residents are able to gain access to anything they want within the comfort of their living zone. It also offers real estate developers the chance to venture beyond traditional building norms, and create a unique environment for people to live in.
Since mixed use developments provide every convenience like residences, shopping malls, offices, and other amenities in a single location, it is being preferred by more and more people every day. It is also a great option for home buyers, allowing them to stay close to their workplace. It saves them a lot of time that would’ve otherwise been spent on travel.
Realizing people’s need for self-sufficient townships, the real estate domain has also taken to these projects, as it enjoys a growing demand in the market and yields better profits. The reason why mixed use development is a positive phenomenon in real estate is because it is beneficial to both developers and buyers. For developers, it has the benefit of including all sectors of real estate like residential, commercial and retail. This gives them an opportunity to explore and offer consumers the best of all sectors in one place. This also distributes the risks and reduces them considerably.
From a buyer’s point of view, mixed use developments work out well not just for living, but even as an investment. This is due to the fact that the commercial and residential spaces in such environments are dependent on each other. In a mixed use development, the residents become the primary client base for the commercial and retail sector. In contrast, the presence of good retail and commercial spaces is an inviting factor for residents. This practically guarantees an investment-friendly atmosphere for both buyers and developers.
Another major reason why mixed use developments are a positive real estate phenomenon, is that they are a great option for both developed and upcoming areas. Since these developments are mostly self-sufficient, they do not depend heavily on the city or locality’s social and commercial infrastructure. While there can be no denying that the developments in cities with superior infrastructure yield more gains, they also help bring up the economic and social growth of upcoming localities. Hence, it’s really a win-win situation for real estate developers.
In view of all these advantages, one would have to say that mixed use developments are definitely a positive trend in real estate and will continue to gain popularity, simply because it makes life much easier for its residents.