Mixed-use projects becoming more and more popular every year

International Council of Shopping Centers report from 2019 indicated that as much as 78 percent of Americans would live in a project combining residential, office, shopping, and entertainment functions, i.e. in a typical mixed-use facility. Among the respondents, the greatest interest in living in such a place showed the youngest, the so-called Millennials (21-38 years old) – as much as 85 percent, while people from the so-called generation of boomers (55-73 years old) only 71 percent.

The data on the change in market trends is also confirmed by other analyzes. In the PwC and Urban Land Institute report ‘Emerging Trends in Real Estate. The climate of change’ from 2020, the mood of managers from all over Europe was surveyed. They show that currently existing real estate is most often converted into residential (68 percent), mixed-use (54 percent), and offices (36 percent).

The upcoming market revolution was quickly felt by the giant from the IT industry, Google. This year, the company announced plans for a massive mixed-use project to be built in San Jose, California. The complex will have almost 680,000 sqm of offices, 4,000 sqm of flats, approx. 46,000 sqm of commercial, cultural, and artistic space, over 9,000 sqm of event space, approx. 300 hotel rooms and approx. 800 corporate accommodation. In addition, the investor plans to build parks and open, public space.

“The popularity of multifunctional real estate has been growing in the world for years and we can speak of a constant trend. New generations, the so-called Millennials and Generation Z want to live in the city and enjoy it. Mixed-use projects provide them not only with a convenient location, allowing for an active lifestyle, but also direct access to shops, services, and entertainment. And just like city streets, they quickly adapt their offer to the changing reality. Many such places, such as Centrum Praskie Koneser, are now places of the art full of galleries and exhibitions. It is a denial of the idea of ​​living in the suburbs, which often means standing in traffic jams for hours and difficult access to social life,” Maciej Kłos from the consulting company International Business Advisors commented.

(WBJ)