Millennials looking to mixed-use developments
Category Property news
Millennials are looking for a place where they can work, play and meet all their other lifestyle needs all in one spot. They no longer want to waste precious hours sitting in traffic or wake up before dawn just to make it to the city on time - instead, they want a place where everything they need is in one convenient location.
Mike Greeff, CEO of Greeff Christie's International Real Estate says that ''in many ways, mixed-used developments is a response to technology influencing our lives in every aspect - whether it is a positive influence or a negative one''. The idea behind a mixed-use development is to encourage interaction - especially because it combines various, multi-purpose properties - from residential, retail and hospitality - to commercial office space and public areas, with each spot attracting different types of people, who interact with and sustain each other.
For years, the elusive, sought-after Millennial market has not been able to tap into the property sector, says Greeff, either because of the convenience of renting or they are not by the means to buy. Mixed-use developments can change all that.
According to CNBCAfrica, Millennials currently make up more than 50% of South Africa's workforce and they are changing and challenging the conventional working environment. What has come from this, is that industries are now having to cater to the significant impact that Millennials have in both the workplace and the consumer marketplace. Mixed-use developments are the ideal example of how industries have compromised to suit Millennial needs - there's more freedom to work wherever and whenever they want to as long as the job gets done.
There is already a significant shift in workplaces, housing and retail individually. An ideal example of this is that although it's a buyers' market, young first-time buyers are taking a more critical look at a long-term home loan and many are opting for luxury rentals rather than ownership. However, mixed-use developments are changing this notion as many only boast luxury accommodations, making it more appealing to Millennials. As for retail, many are using marketing strategies that will resonate with Millennials and fit in with their daily routines and their expectations of lifestyle.
As mentioned, workplaces are changing the way they do things to suit Millennials. Companies are moving away from the four-walled office space and are instead, opting for environments that promote productivity, innovation and engagement - cue the emergence of mixed-use developments. The days of sitting behind a desk are slowly coming to an end as workplaces adapt to reflect the needs of the next generation of professionals. Companies and brands are quickly changing their office culture to not only be a 9-5 office rapport but instead are offering other incentives such as bike parking, healthier food options and more natural light insofar as to attract millennial talent because they know that Millennials are the future.
Millennials appreciate the convenience that comes with developing a mixed-use precinct. To be able to have their workplace, home and entertainment all within working distance provides easy access to the necessities that foster the engagement with both brands and people that younger generations have come to expect. Greeff says that ''the close proximity also lends to the increasing demand for green initiatives and money-saving tactics that are becoming more and more important in Millennial ideology''. The walkability within a development means that there is no need to have a car which, in turn, saves money and decreases the overall carbon footprint. For many "green" individuals, Greeff says, the option to walk to work, then head over to do some shopping and then go for dinner all without a car is worth a significant rent difference.
Mixed-use developments are the future, and it is the ideal property for Millennials to make their mark in the property sector. It combines everything you could possibly want or need and it's the perfect spot to live your best life.
Author: Greeff
