2021 Design & Build
While single-use assets still have a place in the commercial real estate landscape, they are increasingly challenged by competition from mixed-use destinations which arguably fulfil a broader range of needs for their customers and the catchment area.
New urbanisation dynamics, centred around the desire to live, work and play in urban areas and the resulting mobility challenges of highly dense conurbations, require shopping centres to transform their centrality in our cities.
Mixed-use projects in turn face their own challenges, demanding considerable expertise for the creation of an enticing balance of elements and in the management of private and public spaces, which often include complex urban infrastructure.
Sonae Sierra has devised a successful methodology for developing mixed-use and non-retail properties, as well as for revitalising retail-led schemes, which fully exploits and meets the needs of today’s evolving catchment areas.
Through strategic refurbishments, the addition of complementary elements, or the insightful planning of new schemes, key synergies can be created which make a mixed-use asset greater than the sum of its parts.
Using non-retail assets to boost the retail performance and market value of shopping centres is an opportunity to stay relevant while creating stable income flows and enhancing asset value.
Meanwhile, mixed-use projects drive varied and novel visitor traffic by offering complementary and diverse amenities ranging from hospitals and clinics to health clubs and dance schools; public administrative services to coworking spaces; while staying open to new and evolving use types.
The diversification of portfolios through the creation of mixed-use schemes or from investing in a range of asset classes is a long-term value hedge for real estate owners, enabling them to meet economic cycles head-on, while exploiting key urbanisation trends.
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