In this slow economy, the prospect of managing a mixed-use high-rise property is slowly becoming a growing concern. Mixed-Use High-Rises can be defined as high-rise buildings that were developed with the aim of offering space for three or more types of uses like residential, commercial, corporate and entertainment. Before the pandemic, mixed-use high-rises were considered a lucrative model for developers, as consumers were willing to pay premium prices for space in these buildings. However that seems to be not the case after the pandemic. According to Texas-based Worthross high-rise Management Services Texas team, the economic impact of owning and maintaining a mixed-use high-rise has skyrocketed because of the fact that there isn’t any demand for rental or leased spaces both in the commercial and corporate sector. Since the inclusion of commercial, corporate and entertainment aspects act as the x-factor for residential customers, the demand for spaces in mixed-use high-rises have dropped considerably.
Worthross says that the lack of demand is just one of the challenges and there are several other challenges in mixed use and high rise management. Some of them are listed below:
Communication becomes an issue when managing a mixed use property. Assigning responsibilities to each member would typically become a tedious task, especially in the case of shifting and handovers. Moreover, the co-existence of residential and commercial clients can also result in various disputes. This is further elevated in the case of a high rise building as there are more opportunities for interaction between the residential, commercial and corporate tenants on a daily basis.
Parking is one of the most important factors to be considered during Mixed Use Management Texas. This is because mixed use properties need to properly separate parking for residential and corporate use. In the case of commercial and entertainment use, building owners also need to ensure that they have sufficient parking for visitors and customers. Since high rises usually have limited parking options, parking management in the case of mixed use high rises could result in a number of issues.
In a high rise property, all the different types of tenants will use the same common areas like the lobby, stairs, elevators, and terrace. As part of the high rise management process, owners would assign shared cleaning and maintenance responsibilities for all the tenants. However, this can be a challenging notion in the case of mixed use high rises because they need to consider the different needs of their residential, commercial and corporate tenants. Moreover, high rises are normally located in very prime real estate locations, thus any management failures could also result in bad PR for both the developer and the prominent tenants.
All of the challenges show that mixed use high rise maintenance management is not a simple task and it requires the expertise of professionals. Many experts, including Worthross, agree that the only way to tackle mixed use high rise maintenance & management issues is by working closely with a professional management company. Worthross is a Texas-based company that has been the leader in high-rise, mixed-use and residential property management for more than two decades.