5 Reasons for the Rise of Mixed-use Projects in Kenya
The demand, as well as the development of mixed-use development, has been on a progressive rise in urban and suburban areas over the last few years.
There are many major reasons that have led to this rise, some of which are discussed below:
1. Need for Financial Stability
An advantage of a mixed-use property is that the property owner is assured of a source of revenue from the rents and lease fees collected from the property. When one side of the property fails to give returns, they are other alternative sources of income from the same property.
2. Convenience and Walkability
Mixed-use projects embrace the ‘live, work and play philosophy making it convenient for many people. There is also a need for people to reduce the costs of transportation as well as the time spent during the movement between different properties for different purposes among them, recreation, residence, commercials, etc. This, therefore, offers the mixed-use properties a ready market.
3. Trends in the World of Work
There is surging demand for people to live around the place where they get their livelihood. This has therefore, become a motivator to developers to incorporate various property uses under one project, since they are sure of client/tenants for the property.
4. Need to Utilize Space
There are some spaces that are traditionally underutilized outside the working hours. The need to utilize such spaces encourages the development of mixed-use properties.
5. Desire for Day and Night Economies
When the government needs to improve the economy of a town or city it will enhance the establishment of mixed-use properties. Such projects offer traffic for businesses that run both day and night from the residential section of the property.
-Edited by Emomeri Maryanne