Mixed residential and commercial developments have been on the rise, as it may be simpler option than you've been previously led to believe. This sort of development is defined as a multi-use, multi-purpose building. This property provides a space that combines different sorts of aspects, such as residential, commercial, cultural and industrial uses. All this means is that a building can have retail stores on the ground floor, with office spaces on the second, and people living on the floors above. It integrates all types of property into one space. Prime Realty Corp. specializes in this sort of service. If you would like more information, please contact us today. We have years of experience in the commercial property field and can provide you with trusted and reliable services.
This sort of building can be laid out in numerous ways, but properly utilizing this sort of space can come with a few different benefits.
If your business relies on a steady flow of customers, having commercial space where residents also live can prove quite useful. It provides easy and consistent access, since people will be coming and going due to the fact that they also live there. They would not be going out of their way to see your business and your brand. By renting in a mixed use building, you will be immediately exposed to those who also live there and can result in an uptick in foot traffic and interest. Visibility is vital to the thriving of almost any business. If no one knows you exist, it is hard to make money.
When choosing where to place your business, it is important to understand what your business represents the most. The more the space you are renting represents what your business values, then there is a greater chance that you can increase your brand. Recognize what the community and culture within the mixed use building can provide with your business before deciding to move there. What are the renters like, both residential and commercial? Are the spaces clean and maintained? Similar to how you choose where to live, a mixed use space needs to reflect your image and brand.
Code and Safety Compliance
Safety and zoning regulations need to be a priority. Mixed use developments are built and maintained by one governing body. And their best intention is to be rental-ready for a diverse community of clients. By renting in this development, you will need to comply with fire alarms, wiring, ventilation, sprinklers, handicap access, elevator codes and, last but not least, regular inspections. No matter what sort of business you are running, these are vital when it comes to renting a mixed use space.
If you fail a safety inspection, your reputation could be damaged. Setbacks for grand openings can be delayed and other renters may be hesitant to rent to you if you show a negligence to these areas. But on the flip side, since you are in a space with other commercial properties, all need to comply. One detractor and then there are issues for everybody. So, before signing a lease, make sure there have not been issues in the past.
Quality Property Management
When renting in a mixed use building, you are more likely to run into a better property management staff than if it were simply a commercial renter. This is due to the fact that they are renting to a more diverse crowd of interests. This means they may be proactive when it comes to renewing renters and more responsive, knowledgeable and accessible when dealing with issues. They would be dealing with a wide array of issue that a person renting out to commercial property simply would not have any experience dealing with. Some of these aspects may include:
- Preventative maintenance and proper upgrades
- Quick resolutions of inquiries and emergencies
- Driving down operating costs
- Investing in energy saving initiatives
- Approachable and available staff
A mixed use building tenant promotes smart growth. That is, they are open to planned economic and community development. They promote walking and reduce the dependency on fuels and other fuel infrastructures. They aim to increase parking and transportation efficiencies. They construct more densely placed businesses in order to preserving environmental landscapes. In total, they work to remove the need for more construction projects and work on creating a safer community.
Prime Realty Corp has years of experience managing commercial properties and provides excellent leasing services for mixed use properties. Our services extend to property owners across New York. If you are in need of professional assistance with your mixed use property or lease, please reach out to us today and call 1-844-774-6388. We look forward to helping you with any questions or concerns you may have on the matter.