Top Story
ULI France Members Invited to Expo Real
ULI Germany will be hosting several reception events at Expo Real and would like to invite you to join them.
This year’s theme: “Is mixed use a new asset class?” was a fascinating one for the panelists and the audience, 250 people, who came from all walks of life including planners, architects, major users, investors, insurers, pension funds, landowners from France and abroad.
Mixed use: a trend in fund investment?
The subject was all the more topical as the environment is complicated, with declining returns on real estate assets under strong pressure, as well as very significant structural changes in the city’s real estate and manufacturing sector. However, a sector in which volumes of allocated capital are colossal and growing, both for institutional and individual investors. Mixed use could be one of the answers to the challenges we face today. The flow created associated with mixed use can also be a source of additional value, and therefore of yield.
Mixed use: an answer to today’s challenges?
Mixed use is the expression of both cyclical and structural trends: coworking, urbanisation, “wellbeing” climate change, digitalisation, and “alternative” assets such as co-living.
However, the regulatory obstacles are still very strong, particularly in France, despite the relaxation of the Elan Act. But Reinventing Paris is unique in Europe and is an extraordinary opportunity to “do better”. However, having no constraints is not desirable, at the risk of seeing a chaotic urban fabric emerge as in some North American cities. Moreover, gender diversity is not always an answer. The example of the coexistence of several uses in the same building, such as hotels and housing, is complex and must make sense. Tests are currently being conducted worldwide. It is more common at the neighbourhood level, with offices, shops and housing, e. g. “Juxtaposition rather than superposition”. The management of these new buildings (“hotel buildings”, adaptable, “living box”…) and the required skills (more and more “lace work”, management of a growing stress…) is another challenge for the real estate industry and future generations.
Mixed use contributes to the development of neighbourhoods and cities and their revitalisation. “The desirable city research that could be possible” is the subject of the city’s planners; resilience and the ability to deal with change is the subject of architects. And mixed may also use a complementary offer for users.
Gender diversity: a social asset?
Gender diversity is a social opportunity for citizens. It is expressed at the level of a building, a neighbourhood or a city and offers greater resilience to urban areas. The 20th century followed a logic of industrialisation and standardisation of products. Real estate assets have not escaped this pitfall with single-use products in often remote geographical areas: peripheral shops, dormitory suburbs, and economic centres with multiple office towers.
Today, we return to this choice. Jane Jacobs, philosopher of architecture and urban planning, author of “Decline and Survival of the Great American Cities”, was already advocating for a “street broom” in mixed neighbourhoods capable of evolving and always being busy at any time. “Social trust” is a real issue.
In short, gender diversity is a subject at the heart of current concerns, with many benefits, but which is still being developed in “laboratory” projects. Nevertheless, trends are homogeneous throughout the world on this subject, and we are all responsible actors at the heart of this climate change.
Don’t have an account? Sign up for a ULI guest account.