Understanding How to Combine the Right Space
Despite significant real estate investment over the last decade, many cities both big and small are still missing inviting and energized spaces where people choose to spend time outside of home and work.
“Consumers increasingly seek walkable, connected lifestyles in dense, urban environments with access to best-in-class retailers, restaurants and entertainment. Despite significant real estate investment over the last decade, many cities both big and small are still missing inviting and energized spaces where people choose to spend time outside of home and work.”
Those thoughts are according to James Linsley, president of GID Development Group. Linsley tells GlobeSt.com that real estate developers who understand how to curate projects that combine the right mix of uses and open spaces to create these active public realms will be successful.
“For instance, the Central Perimeter submarket is one of the fastest growing in Atlanta; yet, it’s missing a central gathering place for the community,” he tells GlobeSt.com. “Mixed-use projects like High Street that prioritize the public realm will satisfy the market’s craving for a pedestrian friendly environment with exceptional dining, open-air shopping and year-round community events.”
GlobeSt.com also recently chatted with Lori Bongiorno, M+A Architects principal and director of Commercial Studio, on the subject. She explained that one of the more notable trend she has seen taking shape in the retail industry is more sports and entertainment destinations coming online as stand-alone developments or being integrated as anchors in larger mixed-use projects. “The retail and mixed-use landscape has continued to evolve over the years and as consumers continue to demand interactive experiences, we’ll start seeing more and more of that.”
According to Bongiorno, while mixed-use developments continue to transform as they compete with online shopping, the trend of experiential, sports-related and entertainment concepts being integrated into mixed-use projects will continue to surface. “The desire for interactive experiences among consumers continues to grow, and we’ll be seeing more and more of these types of developments happening.”
Other concepts are also popping up, according to Nick Banks. The Avison Young principal and managing director tells GlobeSt.com that he is seeing consistent expansion in food, entertainment and experiential uses, and food hall concepts are popping up everywhere. “We’re also seeing many retailers still experimenting with size, location and unit count configurations, which is causing disruption as well as opportunity,” he said.
The other trend, he pointed to, is with new and innovative non-retail uses in retail centers. “I foresee exciting times ahead as we continue to see new concepts, delivery options, experiential properties and more shape the way we experience retail properties. We will also see more examples of internet to bricks and mortar like Warby Parker, UNTUCKit and Indochino.”