By Mixed-use has been around for a while. Cities in Europe and Asia have been planned and designed for mixed-use for millennials. Canadians are also waking up to the benefits of mixed-use developments and the investment opportunities they unlock.
With rising popularity, mixed-use developments keep evolving. Whether you are trying to buy a home or looking to invest in Kelowna commercial real estate, it’s important to note the changing trends and how mixed-use developments can benefit you.
What is Mixed Use?
Mixed-use properties or structures with spaces for both residential and commercial use. Nowadays mixed-use has become a buzzword that may confuse a lot of people. While a mixed-use development may include a property with residential apartments on the upper floors and commercial spaces on the lower floors, it isn’t limited to that.
They are pedestrian-friendly spaces that become cultural hubs and foster a community. Real estate development companies are increasingly focusing on such spaces as they become great revenue generators.
Benefits of mixed-use developments
- Sustainability – Unlike suburban developments where residential spaces are miles away from business districts, mixed-use spaces are walkable and great for pedestrians. You don’t need your car for a small grocery run. As car use decreases, it helps to reduce the carbon footprint of the area and minimise air pollution. Mixed-use developments are also conservative with land use and make sure that it’s as sustainable as possible.
- Thriving businesses – When businesses are located far away from residences, people are less likely to visit them. Instead, mixed-use properties are much better at promoting economic growth. When locals are near restaurants, employers, fitness establishments and recreation centres, they spend less time driving and more time supporting those businesses. This synergy is rapidly filling up commercial properties for sale in Kelowna and Fraser Valley.
- Better for the overall well-being of residents – When streets are prioritized for cars instead of people, it breeds laziness and loneliness. On the other hand, walkable mixed-use properties promote healthier lifestyles and encourage community building. That’s why they are great for both your physical and mental health.
Types of mixed-use developments
Multiple families with offices
When it comes to offices, they want to be close to multi-family units. It provides them with access to a pool of skilled workers and potential clients. If you are looking to lease an office or invest in commercial real estate development in Kelowna and Fraser Valley, choose one that brings you closer to population centres relevant to your industry. This increases the convenience factor for your workforce and increases employee retention rate and satisfaction.
Multiple families with offices may come in different forms. It may be in the form of a vertical building or horizontal development. As the name suggests, horizontal developments expand outwards with several single-use homes, offices and retail centres in close proximity. On the other hand, vertical developments include a building that contains different types of properties. For instance, the top few floors may be for residents, with offices, coffee shops and gyms on the lower floors.
Multiple families with retail centres
When you are living in a mixed-use environment, you need access to a grocery store, drugstore, movie theatres, clinics and other facilities. Sometimes, these spaces may include offices as well and that increases the self-sustainability of such properties. Residents can run errands, go to their jobs and head over to a fine restaurant for a date without leaving the building or the neighborhood.
Changing trends indicate the high demand for mixed-use spaces in the future
Biophilic design is trending
As architects and urban planners prefer biophilic design for sustainability, mixed-use spaces continue to become the ideal choice to incorporate them. Resource-hungry lawns are being replaced with shared and more open green spaces that improve human connection with nature and improve mental health.
Even if you aren’t a fan of mixed-use, more green spaces make a community more livable and Tower Ranch is the best example. When you buy a Tower Ranch home for sale, you unlock access to spectacular views and a green paradise.
Everyone wants to reduce car usage
As the climate crisis worsens and customer preferences change, electric vehicles and reduced car usage take priority. One of the ways cities can reach net zero emissions is by reducing car traffic and mixed-use properties facilitate this change.
Public transport and micro-mobility
The average Canadian loses hundreds of hours on commute and most of it is done while driving. As people want to spend more quality time with their loved ones or by themselves, they tend to favour mixed-use developments that encourage walking or micro-mobility solutions like e-bikes or electric scooters.
All the signs point towards the rising popularity of mixed-use developments. You can choose to embrace the future by investing in them. Being sustainable, community-centric, and in high demand, these developments revolutionize urban living. So, invest smartly for a vibrant, convenient, and eco-friendly lifestyle ahead.
In the evolving landscape of real estate, mixed-use developments offer a dynamic blend of residential and commercial spaces, providing sustainability, thriving businesses, and enhanced well-being for residents. If you’re exploring investment opportunities, consider the potential benefits discussed in this comprehensive guide. To complement your insights, delve into the question of suburban real estate investments in our previous article: “Is It Worth Contemplating Investments in Suburban Real Estate?”