As presented earlier, the world is changing and is equally influencing several aspects of real estate in Kenya. One of these trends is mixed-used development.
Many mixed developments are fast emerging in real estate in this region, Kenya. Combining the commercial, industrial, residential, agricultural, and mining zones, these projects are supposed to offer all the facilities under this perimeter. The rationale for this is that overcrowding in the urban region ought to be avoided.
Over the recent past, there has been a rapid expansion in the Kenyan real estate market as can be evidenced by its contribution to the GDP which rose to 12.6% in 2012 from 10.5% in 2000, and further, rose to 13.8% in 2016
The benefits of Mixed-Use developments include;
Economic Benefits
Another advantage of mixed-use developments is the most important one from the economic point of view, which is the diversification of economic activities. Based on the case of the Point, the combining of retail, residential, commercial, and hospitality premises creates the opportunity to attract various companies and businessmen. From craft makers to landlord stores/chain stores and brands around the world, it will serve as a one-stop and a starting point for many industries that can adapt to the projection in the future economy. The commercial parts of the mixed-use buildings can be suitable for clerking or owning a store in a building, for business incubation, or for systematically gentrifying an area. This can have a bearing on economic development as situated in the community. The residential part in the integrated complexes is formed by customers who do not affect the fluctuations in the viability of the commercial spaces due to keeping businesses alive in such a crisis period. They do not only contribute to the local economy for commodities but also bring life to areas thus giving them more liveliness and activity prospects. In the community surroundings like restaurants, and fitness centers, employers can thus market their strategic positioning to workers as well as clients and other business people. Mixed-use developments also provide returns of property and sales taxes to the local governments far over evaluations.
Environmental Benefits
Mixed-use development encourages public transportation and pedestrian and bike travel, reducing a neighborhood’s carbon footprint. By limiting car usage and street congestion, mixed-use communities can minimize air pollution and promote energy conservation. They also promote efficient land use, preserving historic and natural resources. Many mixed-use developments use environmentally friendly materials for construction, such as recycled, reclaimed, or sustainably sourced materials.
Convenience
Residents can enjoy the convenience of having essential services, retail outlets, and recreational facilities within walking distance. This can save time and reduce the need for extensive travel. The appeal of this option for areas where space is limited is evident, for example in city centers. 99 % of human beings like having access to all things at once without having to undergo struggles to acquire them, it’s only the mixed-use developments that make this possible.
Increase Property Value
The integration has the potential to raise the value of the estates by combining both residential and commercial places. Possible interest is a concept of using a deported individual due to different reasons as an appealing factor as it offers them self-contained community with various amenities. Some investors might be interested in the industrial types or may want to construct more of the commercial type of buildings. Shopping malls around can help the place to earn more than expected. This can also apply well to those using it for land banking. In its social context, mixed-use developments bring together people from all walks of life and commercial entities. That living, working, and having fun in one place is easy also plays a major role; the more demand, the higher the property value of the place.
Community Interaction
In light of community involvement, improvement of access and convenience, as well as variety, mixed-use developments lead to the formation of sustainable, integrated, and socially sustainable communities. These social benefits enhance the health of real Estate of its occupants and enhance the livability of cities and their sustainability. They also support universal and sustainable access and use without discriminating gender, race, age, or social or financial status which also enhances the vitality, vibrancy, and economic success of neighborhoods.
Efficient Land Use and Resources
They prevent the development of substandard structures by encouraging the combined use of a large amount of space which is resource-friendly in the urban development process. Mixed-use developments result in proper utilization of space by developing more density structures compared to single-use zones. This efficiency minimizes the encroachment on virgin land that has otherwise the potential to act as a habitat for wildlife and vegetation.
Investment Opportunities
Nyota-Njema real estate Nanyuki Plots
If you are an investor who always thought of investing in different industries, such as commercial and residential, mixed-used development will come in handy. This implies you can attract both residential and commercial clients, making it easy to reduce the risk because no one major tenant can impact the establishment negatively and the income will also be higher. Moreover, people tend to invest more in mixed-use development projects because foot traffic in this type of development is usually high, which means that businesses tend to experience a lot more foot traffic and become more successful and profitable than in single-use development projects.
Overall, multifunctional investment is not only the solution for the complication of globalization but also an indication of the paradigm shift for the opportunities of constructing better, fairer, and sustainable cities for the present and the future. Mixed-use is no longer the taboo it once was, and so it is high time to take the opportunities for mixed-use development and start navigating towards a better and more sustainable urban future. As witnessed with population growth in urban centers, demand for mixed-use development will rise in the future years. As Nyota Njema Real Estate, we do not hesitate to recommend it to clients who want to optimize returns from their investments.
