Mixed-use development combines multiple property uses within a single building or development, such as residential, office, retail, industrial, hotel and community purposes. Colliers’ professionals who specialize in mixed-use leasing, development, investment sales and management seek to leverage the attributes and traffic of each property type for the benefit of all.
For developers, mixed-use buildings and developments can take advantage of off-peak hours for one use, such as office space, that may be peak hours for other uses, such as restaurants and entertainment venues. This allows for more robust building with lesser requirements for parking and infrastructure, promoting greater capacity for leasable area and often higher property values.
For retailers and office users, location in a mixed-use development adjacent to strong brands has a halo effect—for example, in a mixed-use lifestyle center, financial planners and dental and aesthetic medicine offices experienced a boost in traffic by associating their location with high-end consumer retail brands. Office users also see adjacent retail, fitness and community space as a strong employee incentive.
For communities, a mixed-use development can reduce commute time and encourage customer traffic well beyond typical business hours. Residential development in mixed-use communities often drives residential unit sales due to the close proximity of amenities such as dining, grocery and retail, while the proximity of residents assures retailers of a stronger customer base.
Colliers International’s experts in mixed-use development provide developers, landlords and tenants in mixed-use development with insight, advisory, transaction and management services to maximize the benefits of a mixed-use property.