Commercial Investment Real Estate November/December 2018 | Page 13

For the such as Whole Foods Market, Star- While construction and opera- modern worker, bucks, and Apple. Stores embrac- tional costs of multiuse assets may coworking provides ing an omnichannel strategy like cause pause for some investors, as a means to produce Walmart or the stores-within-a-store developing and maintaining the experience like Target are leading the various uses and shared common in an innovative market as well. spaces carry higher costs than environment. The social-over-everything lifestyle single-use buildings comparable has even infl uenced residential and hos- in size, the return for real estate lies pitality. Urby in New Jersey and X Miami in the stronger together, recession- Tower are examples of in-demand apart- resistant formula. More investors and ment projects with smaller apartment sizes landlords are realizing that contemporary and larger common areas. Additionally, global mixed-use projects will be the catalysts for hotel brands such as Pod and Ace are veering toward the rise in joint ventures, development, property micro-units with expansive shared spaces. repurposing, capital improvements, sales, and leasing. To maximize commercial projects, the needs of shared space users Capitalizing on Contemporary often are considered foremost. To serve all uses within the property, mixed-use developments Millennials and Generation Z will only continue to dominate increasingly feature unifi ed architecture and design, shared as real estate consumers, and shared concepts across the board entrances, lobbies and common areas, driveways and ride-sharing are here to stay. lines, elevators, and on-site amenities (such as cafes and gyms available to offi ce and hotel guests). The components within also Gregory M. Freedman is co-founder of BH3, a real estate strategically align, such as lifestyle retail and coworking space, to investment and development fi rm with offi ces in New York and serve the property’s residents, guests, and professional tenants. Florida. Contact him [email protected]. IT’S WHAT SEPARATES US FROM THE REST When it comes to commercial real estate, nothing is given. The day goes to whoever works harder —goes the extra mile—rolls up their sleeves and does whatever it takes to close the deal. At Coldwell Banker Commercial ® , we are looking for leaders with drive. Individuals who take charge and work with clients to complete the transaction no matter the size or the obstacle in the way. Visit CBCworldwide.com if you have the drive to be a Coldwell Banker Commercial agent. CCIM.COM November | December 2018 11