Tenant demand for workspaces that offer connection, collaboration and creativity will determine which assets rise above the competition.
Guide
From spaces to places with purpose
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As office buildings undergo an evolution to meet the ever-changing expectations of what work looks and feels like, owners, developers, and investors are recognizing the strong investment potential associated with mixed-use developments. They are taking proactive steps to redevelop single-use office assets or construct new projects from the ground up.
The goal of a mixed-use asset is to prioritize quality, foster connection and collaboration, and offer convenience and community. Developers are facing the challenge of delivering a cohesive and personalized experience to attract and retain tenants, visitors, and residents. By doing so, they can ensure tenant satisfaction and increase the value of their assets.
In recent years, corporate occupiers have demanded more than just desks and cubicles. Properties with diversified amenities are now surpassing the demand for traditional office spaces. This shift has created a need for property and amenity management that can deliver a connected and future-fit experience.
This cultural shift can be partially attributed to the emergence of post-pandemic hybrid work schedules and the creative strategies needed to entice workers back to the office. According to JLL's Q1 2024 U.S. Office Outlook, 80% of Fortune 100 employees work for hybrid employers, with an average weekly in-office attendance requirement of 3.08 days per week, as of April 2024.
While the U.S. office market experienced a downturn in leases since 2020, mixed-use neighborhoods have remained resilient, gaining over 15 million square feet of occupancy in the last five years.
Today, property managers must commit to enhancing the experience of every tenant, resident, and visitor. Key elements such as technology, amenities, sustainability, and a hospitality mindset are vital to achieving success. By focusing on enhancing visitor experiences and activating various building spaces, property managers can drive engagement and unlock revenue in a challenging economic climate.
If you want to know how to make your asset stand out against the competition, our guidebook provides valuable insights into how holistic property management can activate mixed-use developments. This approach will transform office, retail, and multifamily buildings from separate entities into dynamic live-work-play destinations.