Reasons Behind Growing Mixed Use Real Estate Development Projects

The economically-driven generations of today’s times have their own lifestyle preferences. To cater to these preferences, the real estate sector has decided to come up with mixed use residential and commercial development projects. But it would be false to claim that only the Millennials are the sole reason behind these projects. The truth is, even the Baby Boomers have shown interest toward real estate projects that can provide expediency and walkability. Recent surveys have also shown that nearly all age groups in America want to live in walkable communities.

In this blog, we will tell you about some key trends that have contributed to the growth of mixed development projects. Let’s take a look at them.

Urbanization

You will find that mixed use development projects are common in those cities or areas where the population density is high. Due to the arrival of Baby Boomers and Millennials, close suburban areas are witnessing increased urbanization. As a result, active towns and lifestyle centers full of conveniences have become common where people can shop, do recreational activities, and even go to work within walking distance.

Desire To Save Money

It is quite surprising to see that Millennials do not want to unnecessarily spend their hard-earned money at big retailers and restaurants. They also do not want to spend hours on long commutes to shopping centers or malls. They have clearly shown a preference for locally owned, speciality businesses that they can reach either by walking or using public transport.

Rental Units Are In Demand

We have already mentioned that people have shown a desire to live closer to their jobs. In addition to this, studies have shown that people are also willing to pay more for a house that is closer to other amenities. For example, millennials no longer want to buy a nice, big house in the suburbs after getting married; they would rather rent a nice unit in a beautifully constructed mixed use property that is closer to their jobs. Clearly, there is a growing preference for lifestyle over ownership.

Apart from these, other trends responsible for growing mixed use development projects include emergence of co-working spaces, focus on sustainability and climate change, and tax revenue potential. Integral Studious’ aim is to ameliorate a shared urban environment through its Integral Design and Development projects. In order to fulfill this objective, we search for urban sites and creative programs that make it possible for us to work with others to investigate, design, and construct, and manage projects quickly for end users.