{"id":1004218227,"date":"2018-04-10T06:20:04","date_gmt":"2018-04-10T14:20:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004218227"},"modified":"2022-12-09T00:56:28","modified_gmt":"2022-12-09T08:56:28","slug":"3-reasons-why-mixed-use-is-the-new-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/3-reasons-why-mixed-use-is-the-new-office\/","title":{"rendered":"3 Reasons Why Mixed-Use is the New Office"},"content":{"rendered":"

By Abbitt Goodwin, Partner at Columbia Development<\/p>\n

\"\"<\/a>The multi-use, communal experience is increasingly sought-after by both workers and employers in urban and suburban communities. From first-rate office space and high-end residential to chef-driven restaurants, ground-floor retail and programmable greenspace, the amenities these experiential mixed-use destinations<\/a> offer are attractive to millennials and empty nesters alike.<\/p>\n

This new trend is particularly apparent in suburban communities, where single-use development has been the standard for decades. A desire to enjoy the benefits of a dynamic, walkable lifestyle is driving the growth of this \u201cnew suburban\u201d development model\u2014one that incorporates urban design principles, street-level energy and connectivity among a mix of uses.<\/p>\n

Here are three reasons why single-use office developments are a thing of the past.<\/p>\n

    \n
  1. Office space in amenity-rich, mixed-use communities help companies recruit and retain top talent.<\/strong><\/li>\n<\/ol>\n

    There\u2019s a new era of employees who demand more\u2014more work\/life balance, more shopping and dining options, and more meaningful experiences in and around the workplace. These employees care deeply about company culture, purposeful work and their office environment.<\/p>\n

    Tech companies, creative agencies, law firms, financial service companies and other businesses both big and small are investing in office space<\/a> and making company culture a priority in order to attract and retain top talent.<\/p>\n

    \"\"<\/a>

    Located in Cary, N.C., FENTON is Columbia Development’s 92-acre, mixed-use project that will include more than 2.5 million square feet of retail, office, restaurant, hotel and multifamily.<\/p><\/div>\n

    According to NAIOP, 87 percent of office tenants would rather be located in suburban vibrant centers than in typical, single-use suburban office locations. This finding, paired with months of researching and studying best-in-class office communities, has told us that employees want to live and work in areas with a \u201csense of place\u201d and access to shopping, dining and entertainment. After a long day at the office, nearby retail and dining amenities offer employees a place to relax, shop, dine and gather with friends, family and co-workers. These ground-level amenities enliven the street, increase foot traffic to the area and create value for the entire community.<\/p>\n

      \n
    1. Companies are willing to pay a higher premium for office space within walkable communities, and studies show that ground-level retail increases rental rates for the offices upstairs.<\/strong><\/li>\n<\/ol>\n

      According to a study by HR&A, mixed-use developments outperform single-use properties in both central business districts and suburban settings. This outperformance can be explained by several factors, including the fact that companies are willing to pay a premium for offices in mixed-use districts with quality residential options, transit access, restaurants, groceries, fitness, shops and appealing public spaces. According to HR&A\u2019s research, tenants identify the need to stay competitive and attract top talent as the biggest factor driving increased demand for office space in mixed-use communities.<\/p>\n

      Additionally, increased walkability leads to higher property values and rents. Research shows a direct correlation between increased walkability and price appreciation. Combine higher rents with a higher willingness to pay, and it is clear why mixed-use developments consistently outperform their single-use competitors.<\/p>\n

        \n
      1. Mixed-use developments contribute more to the local economy than single-use office developments.<\/strong><\/li>\n<\/ol>\n

        In addition to promoting a walkable built environment, mixed-use developments provide many economic benefits. They can revitalize communities, encourage private investment, increase property values, promote tourism and support local business development.<\/p>\n

        By curating the right retail mix<\/a> and cultivating a sustainable, walkable and accessible community with a variety of experiences that resonate with the market, developers can create a vibrant and energetic destination that drives value for office and other assets. In 2018, this integrated approach will continue to present opportunities for developers looking to draw a high-quality pool of employers and talent to a region, drive economic development and deliver urban amenities to the suburbs.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Single-use office spaces are becoming a thing of the past as companies looking to recruit and retain top talent increasingly seek creative offices in amenity-rich environments, notes Abbitt Goodwin, partner at Columbia Development.<\/p>\n","protected":false},"author":1368,"featured_media":1004218290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,23891,21747,21684],"tags":[39747],"class_list":["post-1004218227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-mixed-use","category-national","category-office","category-viewpoint","tag-columbia-development"],"acf":[],"yoast_head":"\n3 Reasons Why Mixed-Use is the New Office - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/3-reasons-why-mixed-use-is-the-new-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Reasons Why Mixed-Use is the New Office\" \/>\n<meta property=\"og:description\" content=\"Single-use office spaces are becoming a thing of the past as companies looking to recruit and retain top talent increasingly seek creative offices in amenity-rich environments, notes Abbitt Goodwin, partner at Columbia Development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/3-reasons-why-mixed-use-is-the-new-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-10T14:20:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:56:28+00:00\" \/>\n<meta name=\"author\" content=\"Abbitt Goodwin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Abbitt-Goodwin-Columbia-Development.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/3-reasons-why-mixed-use-is-the-new-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/3-reasons-why-mixed-use-is-the-new-office\/\",\"name\":\"3 Reasons Why Mixed-Use is the New Office - 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