Mixed-use real estate development is the driving force for today’s real estate developers across the globe. The trend is seen in the seamless choreography between the locations we choose to call home to our work environments and that third place, the place between home and work, that place where we hang out.
Sustainable Community Development
Sustainable Community Developments, Agrihoods, Green Communities or Farm to Table Communities, whatever we choose to call them, are growing in popularity and are replacing the golf course communities, which used to be the go-to centrepiece for planned communities. This trend has faded to encompass more inclusive amenities of connectivity to people and the natural environment. Parks, nature trails, playgrounds and swimming pools are the community features deemed most influential to millennials. The usual built amenities of a clubhouse and fitness center maintain their popularity however the increased use of technology on a daily basis for work and pleasure has caused the real desire for outdoor amenities to prevail.
In addition to the fitness side of wellness is an increasing demand to know where our food comes from and to be organic. Locally grown produce and farm-to-table restaurants are trending nationwide, and this phenomenon is carrying over to farm-centred communities, also known as agrihoods.
Small homes built with sustainable building materials that are preferably sourced locally, including renewable energy components, water reclamation, and having a recycling program are becoming the norm in these communities driven by the conscious awareness of global warming.
Urban Developers of today are forced to blend luxury apartments, condos, retail hospitality and restaurants in the right proportions to attract people to the homes and retailers to the store spaces. In addition, coordinating entertainment year round for additional traffic to the public areas and continuously searching for the sweet spots to entertain the residents but also to enrich the retailers by creating community-gathering places to complement is a necessity.
Retail Industry Development
Location is a crucial component in the retail industry, and it is becoming even more critical for retailers to tie into that experience. As more retail stores close moving their trade to the digital platform with fewer physical outlets, potentially used as pick up points, landlords are having to deal with more vacant spaces and are being forced to be more creative. It is now 100% on the landlord to provide an experience to support retailers. Consumers prefer lifestyle shopping centers where they can gather. The architecture, tenant mix and entertainment mix is the secret recipe meshed with additional food and beverage providers.
The workplace too is changing and will continue to solidify the sustainable global drive which incorporates protecting the environment through the build design and management. This is being driven by the long-term cost savings from sustainable and energy-efficient design as the initial cost of implementation continues to decrease. Buildings and end users will generate less waste, consume less outside energy and generate more energy onsite, reducing environmental impact, saving money and decreasing reliance on public utilities. This shift will place added responsibility on property owners to maintain onsite infrastructure elements including water filtration, energy capture and waste disposal.
Development will incorporate convenience and accessibility, and the live/work model will become more widespread in new construction and renovations. Ownership will maximize the value of built assets, multi-tenant, and multi-use buildings which will replace owner-occupied buildings. Buildings will become more customizable and responsive to occupant needs. Smart building technology will become the norm allowing workers to determine ambient temperature, lighting levels and more. Built environments will allow for more mainstream applications for remote work and virtual reality.
The sweet spot of real estate development is in creating the experience!
Take a read of the digital version of our inaugural Construction Caribbean Magazine March 2018.