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Mixed-use development is a type of urban development that blends residential, commercial, cultural, institutional or industrial uses, where those functions are physically and functionally integrated.
With industrialization, governmental zoning regulations were introduced to separate different functions, such as manufacturing, from residential areas. However, since the 1990s, mixed-use zoning has once again become desirable.
Some of the benefits of mixed-use development include:
If you are a business considering a move into a new space, below are some key reasons to consider mixed-use development:
If your livelihood depends heavily on the volume of visitors your business can draw, choosing a location that has residents who can be consumers of your products or service is a huge benefit.
Some of your best potential customers are those who pass by your location daily. By renting within a mixed-use building, your business is immediately exposed to the larger customer base and residential tenants that already exist around you. As opposed to a traditional rental property that stands alone, this can result in a more immediate uptick in foot traffic and overall interest.
Is the mixed-use space you are considering clean? What are the residential tenants like? What is the nature and reputation of other commercial enterprises already in the space? And will your business “fit in”?
It’s important to ask these questions and recognize that the community and culture within a mixed-use building can provide compatible businesses with an unmatched opportunity to launch or reinforce their overall brand image.
No matter what business vertical you’re in, safety and zoning regulations need to be a priority in the commercial space you rent. By renting within a mixed-use development, you are much more likely to comply with fire alarm, wiring, ventilation, sprinkler, handicap access, and elevator codes and inspections because mixed-use developments are built and maintained by one governing body with the specific intention to be rental-ready for a diverse community.
If you or your company are looking to expand in or enter the Utah market and need to lease or purchase commercial retail, office or industrial space, contact Chris Falk today for expert advice and access to some of the hottest listings along the Wasatch Front. Contact Chris at cfalk@ngacres.com or by calling him at 801-416-1024.
Chris Falk is a Certified Commercial Investment Member (CCIM)—one of the most comprehensive commercial real estate designations, held by an estimated 6% of commercial brokers nationally. As a commercial real estate broker, Chris has handled over 600 transactions exceeding $475MM. Born and raised in Utah, Chris understands the unique qualities of the region and the great capacity for business opportunities in Northern Utah, including Davis, Weber and Salt Lake Counties. Chris is the premier, go-to agent for businesses and developers interested in this dynamic area.
