The Case for Mixed Use
Thriving areas where people can gather to eat, drink and socialize are the heart of most mixed-use developments, and they are exactly where people want to be. Prominent projects like Avalon and Ponce City Market are successful because they integrate residential and office components with restaurants, retail and entertainment, creating lively, energized atmospheres that attract people.
Make it stand out
Repurposing buildings and traditional neighborhood development is not new, but like so many trends during Covid-19, this trend accelerated. With offices closed, people could work from anywhere, so they did. And once offices reopened, single-use offices had lost their appeal. Office workers don’t want to return to work in the same old building surrounded by parking with a basic cafeteria in the basement – they want, they demand more.
Savvy building owners are working with developers, builders and planners to envision something more. Offices can be so much more than just a place to punch a time clock and work. It starts with a vision. Re-envisioning a space starts with identifying the possibilities. Converting that sad old office complex with a dinky cafeteria at base of the building to a lively office with food and beverage opportunities, a brewery and entertainment can provide an office owner with additional opportunities to attract new types of tenants, expand their portfolio and add to the bottom line.
Finding ways to connect the indoor office environment to the outdoors with garage doors, balconies or decks can help office workers feel more at home, improve the office experience and better accommodate different working styles. Adding outdoor areas with picnic benches, high topped tables, a shade structure, or other vignettes is another way to help people relate with nature throughout the day and soak in a little more sunshine.
Going from a single-use asset to a multi-use asset is an excellent way to add a new type of anchor to the property. Typically, this anchor is a restaurant or a bar at the front of the property with a street presence and curb appeal.
According to GlobeSt. Adaptive reuse for commercial buildings is gaining favor due to its potential for higher returns, cheaper materials costs and being more economical than demolition.
Making the case even stronger is the fact that multifamily rent growth is expected to exceed office rent growth. No wonder commercial real estate professionals are looking at offices, and adaptive reuse is growing!
terra alma works to create spaces with unspoken energy where people gather to eat, drink, play and socialize. Projects we have been engaged on include The Silos (Chamblee), The Works, Chattahoochee Food Works and many others. Forward-looking owners are transforming single-use offices and industrial buildings into lively mixed-use projects with restaurants, entertainment, a rooftop bar, residences and offices. And they are reaping the rewards.
