The core of any industry lies in its ability to satisfy needs. The commercial real estate industry is attempting to satisfy current needs, which is bringing a revolution to the real estate world. The following will highlight some of these changes and how it is affecting those in commercial real estate.
Multi-use Real Estate
One major difference in real estate worth noting is the rise of mixed use properties. There are a few examples to look at that make this a bit clearer; for one, malls want to go beyond what most people expect out of these retail centers. It is normal to see clothing stores inside a mall, and people expect a good food court in there, too, but people want more.
This is the reason developers are thinking outside the box. There are a few malls out there offering gyms, which may seem strange, but it is working. Other malls are placing grocery stores on the grounds to give people a reason to come in.
The multi-purpose retail space phenomena is going beyond malls. Commercial real estate experts are seeing that customers want their retail space to be more than just an office. Some are expecting a total live-work-play environment, offering a gym and even living quarters instead of just a simple office.
To continue reading, please head over to Leon Belov's website where this blog was originally published.