Mixed-Use Buildings are having a moment, and it doesn’t look like that moment is ending any time soon. 62% of Millennials, 45% of Gen X and Baby Boomers and 55% of the Silent Generation prefer shorter offices commutes with walkable communities providing amenities such as restaurants, retail and doggie daycare for Rufus.
A mixed-use building is a development that encompasses living, working and play in one location, combining residential and commercial uses. Think of Hudson Yard in NYC or Ponce City Market in Atlanta. A mixed-use development can be one building or multiple buildings. They can be stacked to create one vertical mixed-use building of various heights or horizontally creating a blend of commercial and residential locations.
Mixed-use buildings create the sense of an urban community within a suburban area, as space is running out in major cities. They also provide cities an increase in property taxes because of the increase of people within the square footage.
People have a desire to be able to walk within their communities without having to worry about driving or parking. By eliminating these steps and expenses, the budget for more expensive rent is available. Another reason for the urbanization of the suburbs is the overflow from major cities. Creating a mini city within the suburbs in a mixed-use building allows for the use of a minimal footprint.
Millennials priorities have changed from older generations. Higher student loan debt has required them to delay typical milestones such as marriage and children. This allows them to form the social family unit. Locations such as mixed-use buildings allow that to thrive.
Baby Boomers are also downsizing as they become empty nesters opting for the convenience of a one stop shop of fun, food and living.
As previously mentioned, changes of priorities in the Millennial and Baby Boomer generations has created a demand in rental units. These renters are putting lifestyle over ownership in the rental market.
With a gain in flexibility in the definition of office, co-working spaces are on the rises. These flexible work spaces allow companies to save money in rent and utilities while providing the benefit of work from anywhere for employees. Mixed-Use Buildings can provide co-working spaces that allow residents the ability to work with others when necessary in a professional setting.
Mixed-Use Buildings allow for minimal resources to be used. Often times, these structures are renovated from existing historic buildings such as the case of Chelsea Market in New York City. Building can focus on the overall well-being of all of the inhabitants of the building to create a healthy ecosystem of commercial and residential.
Pairing residential and commercial all in one building creates the need to abide by codes to keep everyone happy and healthy. It is not unique to also see a parking garage added into the levels of these buildings. S&P USA provides the most complete ventilation choices for mixed-use buildings. To learn more about these solutions, visit our mixed-use building application guide today!