Managing the dynamics of mixed-use amid the challenges of COVID-19 requires unique skills that blur the lines between residential and commercial property management.
By Peter Jakel
Mixed-use properties are nothing new to the rental housing industry. Many developments have been moving in that direction for decades in response to sustainability needs and changing resident preferences.
Simply put, people want to live where they have easy access to retailers, restaurants and workplaces. The pandemic, however, has flipped this reality on its head, as businesses have been shutdown to stop the spread, begging the question: Will mixed-use properties still be the trend after the pandemic is over?
The simple answer, according to the panelists on APTvirtual’s, “Avoiding the Landmines of Mixed-Use Property Management Within a Covid Environment,” is “Yes.” Mixed-use is here to stay even with social distancing and periodic shutdowns, but owners and operators will need to adjust to avoid the potential pitfalls caused by the COVID-19 pandemic.
Building and Occupant Wellness
That starts with building wellness, which translates into occupant wellness, according to Chip Watts, President of the Institute of Real Estate Management (IREM).
“Building wellness has never been more important,” Watts said. “Studies find that the healthier the building, the healthier the occupants are. In fact, many of IREM’s firms set a high bar for air quality and natural lighting, as well as green spaces and other measures proven to impact the well-being of occupants. In the face of the pandemic, the awareness of this impact has been multiplied and many more property managers and owners are upgrading their building operations for a positive impact on tenant and resident well-being, especially in mixed-use properties.”
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