In the older sections of New Jersey cities, it is common to see retail storefronts with studio apartments above them. One may also see restaurants that also offer space for offices in the upper floors. These mixed-use buildings often provide added security for the building owners since they attract a variety of renters. However, those thinking of investing in commercial real estate may also look at newer versions of multiuse building, which are in high demand these days.
Designs for modern mixed-use buildings provide many options for tenants, who are often looking for places that satisfy the needs of many aspects of their lives. Many residential renters want a building where they can live, work and have their recreation. As working remotely grows in popularity, co-working spaces within residential buildings become more attractive for potential renters.
Businesses also seem to be leaning toward multiuse buildings since such properties often come with a built-in customer base. This reduces marketing expenses and can even reduce the overhead of a business. In a mixed-use building, a commercial enterprise can improve customer service by having the public operations and back office business in the same building.
Mixed-use buildings are not limited to inner cities and high-rise buildings. More developers are repurposing warehouses and large, empty retail spaces into multipurpose commercial real estate. However, mixed-use properties are not without their complications, including zoning issues, tax implications and contract details. Those in New Jersey who are interested in learning more about the complex legal aspect of owning a mixed-use building may wise to discuss their plans with an experienced attorney.
