Today, the landscape of the country is quite different from what it used to be. As Metropolitans and cities began to host more job opportunities, people flocked there to get them, which naturally required building of places to house them all. And therefore, multi-use commercial cum residential buildings started to come up.
Multi or mixed-use development is a term that can mean different things to different people. But the basic meaning of the term is that it blends businesses and residences together, often in the same building. It further implies that homes, offices, hotels, retail shops, etc. are all designed to work together and complement each other.
When executed well, multi-use commercial cum residential buildings can yield several large and small benefits:
- To begin with, the land is used more efficiently in case of vertical multi-use buildings and there is less land consumption, when compared to horizontal mixed-use communities that offer a lower density, from a residential and commercial retail standpoint
- For the developer, it spreads the risk across different markets, so if the residential market tanks while they are under construction, for instance, they can lease the retail and operate the offices, while hopefully hanging on to the thing until the residence market improves.
- At the city level, multi-use commercial cum residential buildings can be a solution to the modern urban real estate, that offers both – good urbanism for people to interact in at a human scale and increased standards of living.
- Mixed-use developments can also be beneficial because they reduce long-term maintenance costs incurred by individual buildings. So, apartments stacked over retail shops and offices mean that the maintenance costs of that building are shared between the two users, making it easier for both.
There is nothing inherently good about mixed-use developments and there can be several factors that may leave it almost meaningless, if not executed properly. In fact, the benefits of a sensible mono-use building can easily outweigh the benefits of a poorly set up mixed-use development and vice versa.