To create such places, time is as important as the traditional dimensions of space and function. Tomorrow’s schemes will be able to transform throughout the day to offer different experiences – and the resulting 24/7 utilisation of space will also be a key driver in maximising real estate returns.
For 2020, we have also identified three trends that will play a significant role in mixed-use development:
Efficient use of space
The growing lack of space in our cities means that we need to use assets efficiently, and new space-transformation solutions are increasingly allowing occupiers to utilise their real estate around the clock. Technology helps facilitate this through smart design and engineering innovations such as removable walls and flexible furniture – as well as numerous PropTech tools that optimise space usage.
Beyond use of space, we are also seeing a clear trend to customise buildings for particular demographics. Consumers today are increasingly demanding bespoke services and goods, and we can expect this logic to gradually extend into real estate. Sector competition is likely to be driven by an escalating fight for clients, who will look for providers that can understand their needs and deliver exactly what they seek.
Imaginative placemaking creates value for developers, tenants and visitors. An increasing number of people are looking for an experience beyond the basic functions of the complex in which they may live or work. Ensuring that the public realm offers attraction points, atmosphere and sustainability is no longer an optional luxury, but essential for a successful modern development.