Gene Bernshtam: 3 Reasons Why Mixed Use Spaces Are Here to Stay
Gene Bernshtam is a contemporary real estate developer with a portfolio of mixed use spaces with a minimalistic contemporary theme. An active player in the Chicago real estate scene, Eugene Bernshtam believes more commercial real estate developers will shift to building mixed use spaces in the coming years.
Mixed use spaces are here to stay in commercial real estate. Eugene Bernshtam saw this coming even before it became a trend among developers and property managers. His background in investment banking gave him the experience to recognize the trend early in the game. Being attuned to economic cycles, he was convinced that urbanization would only change the use of land. He puts forward the following points why there will be more mixed use spaces:
1. Convenience is king – Mixed use spaces are all about convenience. Why go elsewhere when you can eat, work, play at one property? Gene Bernshtam believes commercial real estate should meet the needs of the market and in this fast-paced modern world, convenience is a top priority. Thus, mixed use spaces should address the urban lifestyle needs of tenants.
2. Millennial work habits – It’s no secret that millennials never stay in one place. As digital nomads, Millennials need variety in their work or working environment to stay content. Therefore it makes sense for employers to set up offices in buildings with gyms and food shops, as it helps provide them work-life balance.
3. The new safety net of real estate developers – Finally, on the part of real estate developers, mixed use spaces provide a safety net in case one of its asset classes suffers. Gene Bernshtam shares that mixed-use spaces give developers a lot of leeway in choosing and mixing the tenants they want to work with. This means they can quickly adapt to the needs of residential tenants.