With mixed residential and commercial developments becoming more popular, it’s now easier to address your business’s needs than ever before. These areas consist of multi-use structures that offer more spaces to integrated residential and industrial uses. For example, one building can include cafes or clothing stores on its ground floor, offices on the second, and homes on the remaining succeeding floors.
No matter the layout of the mixed house and land packages for sale or other prime locations, there are several benefits you can enjoy to locating your business within mixed-use development areas. From better customer exposure to supporting smart growth—the possibilities are endless.
That said, here are five things you need to know about mixed residential and commercial spaces.
Greater Exposure to Customers
If your business’s livelihood depends on the volume of visitors you get, choosing locations with residents that can be consumers of your services and products is a massive benefit. That’s why if you’re starting your business or already have a well-established reputation, it should be accessible. After all, it’s likely that your best potential customers are those who pass by your location every day. By purchasing or renting a mixed-use building, your business immediately gets exposed to a more extensive customer base and residents surrounding the property.
As opposed to conventional rental properties that stand-alone, this may result in a more quick uptick in foot traffic and overall interest. However, keep in mind that not every mixed-use development area provides these. It would be best if you found a place with a relatively strong residential presence alongside a broad range of businesses, ranging from casual eateries to massive office spaces.
Additionally, a rule in multi-use development is that the more diverse the area is, the more attractive and active they’re likely to be. However, don’t hesitate to locate your business in a multi-use space that already houses a couple of businesses similar to your own. That’s because companies providing related services to yours are more likely to appeal to customers you’re most interested in.
Strengthen Your Brand’s Image
If you’re considering establishing a business in mixed commercial and residential areas, you need to consider several things. These include, if the mixed-use space you’re using is clean, what the living conditions are, what’s the reputation of other commercial properties in the place—and will your business fit in? It’s crucial to ask these questions and recognize that community and culture within these properties can provide compatible businesses with a lucrative chance to reinforce their brand image.
Overall, it needs to reflect the image your brand conveys and wishes to maintain. The more the mixed-use communities match your organization, the longer your brand will thrive.
Since mixed residential and commercial properties usually take one particular chunk of an area and provide an all-in-one living environment for business people and residents, they’re more environmentally friendly. Additionally, because residents live in the area, recreational spaces and activities are a must for multi-use properties. That’s why developers have included several elements to mixed residential and commercial communities, including but not limited to green landscaping, water elements, parks, walking paths, and general community areas.
In large and bustling cities like Sydney and Brisbane, where green space is relatively sparse, a quiet place to relax is the ultimate add-on—and multi-use communities are catching on this trend.
It Provides Superior Property Management
As the economy experiences rebounds and expands, people’s interest in commercial properties increases alongside the demands for better property management. With these multi-purpose buildings, you’re likely to experience better property management services since those constructing these spaces are responsible for the whole community. From continuous preventative maintenance to upgrades—mixed-use property management teams should serve as an inclusive resource to the community it serves.
So, in essence, you should only expect the best services when you’re buying or renting a mixed-use property in these areas.
It Supports “Smart Growth”
Residential and commercial spaces provide individuals with the opportunity to achieve ‘smart growth,’ an economic and societal development that reduces less-than-ideal environmental conditions. When you rent commercial spaces within these multi-use buildings, tenants can promote smart growth.
These spaces enhance parking and transportation efficiencies, promote walking, reduce dependency on fossil fuels, and preserve environmental landscapes by densely allocating businesses together. When combined, these efforts eliminate the need for construction projects, providing safer and active communities.
Whether you’re a business owner looking for a lucrative location or a homebuyer wanting a convenient location, mixed-use developments are the perfect option. In fact, favour has not just been limited to end-users, but also investors.