In the age of Amazon and other e-commerce giants, the real estate landscape is changing rapidly. While the demand for brick-and-mortar retail space has declined over the last few years, online retailers have a new need for physical space.
Multi-Purpose Buildings For Retail
Multi-purpose buildings that support e-tailers’ online activities have made way for a new niche market. And, as online purchasing continues to increase, so will demand. This is just one driver of change in the sector – one that’s causing architects and construction companies to quickly adapt their practices.
Your Fort Lauderdale real estate attorney is well-positioned to advise you as you consider designing, constructing, or investing in a contemporary retail building.
What is a Multi-Purpose Building?
Multi-purpose buildings are spaces that serve as storage, customer support, distribution, and even office space. Physical locations may no longer be the point of sale for the customer, but they are still necessary for the functioning of e-retailers.
These buildings are designed to serve many, if not all, the behind-the-scenes functions of our online shopping experience, and are usually constructed as close to the customer base as possible.
Creating Multi-Purposes Spaces
Contrary to popular belief, the evolution of the retail sector may not slow construction. But it will have to mature as demands change. Spaces once used for a single purpose (often warehouses for storage) are being repurposed as multi-use buildings, and new structures are being erected.
An important factor to consider when building a multi-purpose building is the value for usage combination. Companies are looking to get the most bang for their buck while having all the necessary amenities. This can present a challenge in building design, as in conventional buildings the different elements had been very separate in the past.
Residential developments are also moving along the same trajectory, changing the formerly distinct areas of living and working into mixed-used, live/work spaces. The world is no longer divided into downtown and suburbia. The dividing line between downtown and suburbia is melting, creating demand for innovative planned spaces that bring amenities to communities and neighborhoods.
Mixed-use development is a space that integrates different functions necessary to life, including residential, commercial, institutional, and cultural. Generally, homebuyers prefer a neighborhood that has variety, allowing them to walk to get groceries, go to the dentist, and even to work.
The distinction between professional, residential, and suburban warehouses is slowly fading.
Whether you’re investing in a planned multi-use residential development or a multi-purpose commercial building, these contemporary spaces will put you ahead of the curve. Not sure where to start? Consult with our South Florida commercial real estate attorney on opportunities and the challenges that come with innovative designs.