Short Answer: A mixed-use property is a space that combines residential units, commercial properties, retail stores, and even restaurants within a single building or development. These spaces bring different activities together to make life more convenient, but they do experience parking challenges. There’s a growing need for effective parking solutions because these properties must serve the parking needs of people who live, shop, or work at the property.
Understanding the Parking Needs of Mixed-Use Developments
Because mixed-use properties combine various uses in a single complex, they face a diverse range of parking needs. People living in the apartment complex might need a place to park monthly, shoppers need short-term spots during the day, and employees need a place to park within walking distance of their office. This combination makes managing parking space a critical task.
Residential areas within a mixed-use building require regular, ongoing parking for its tenants. They need secure and conveniently located parking, often overnight in nested parking areas. This presents a different set of needs compared to those working in commercial buildings, who typically only need short-term parking during business hours.
Then there are the commercial spaces, restaurants, and retail stores. Businesses located within mixed-use properties, such as office buildings, coffee shops, or retail businesses, require ample parking space for their customers and employees. Being able to provide hassle-free and easy access to their businesses is one of the biggest priorities for commercial real estate managers.
Mixed-Use Zoning and Parking Solutions
The concept of mixed-use zoning also plays a part in how parking is handled. These laws decide how properties can be used, what kind of parking is needed, and the amount of parking required. Available open space can often be limited with mixed-use zoning, providing an additional challenge for managing parking. The solution to this challenge is designing parking areas that can be used in different ways at different times of the day or finding creative ways to increase parking space without taking up more land.
Good parking management helps everyone use the property better. It means people can find parking when they need it, reducing stress and making the property more attractive to live and work.
The Impact of Parking Solutions on Mixed-Use Property Value
How parking is managed can impact the value of mixed-use real estate. With easy and sufficient parking, properties are more appealing to residents, shoppers, and businesses, directly influencing their success and investment portfolio.
Convenient Access
When thinking about residential tenants, a well-managed parking plan ensures they have convenient access to parking at any time of the day. The convenience of secure, designated parking, and even gated parking, can make properties more attractive to high-quality, long-term tenants, especially if they’re located in urban areas where parking is often scarce. For commercial spaces and retail shopping malls, a well-executed parking solution increases customer satisfaction and loyalty.
Increased Rental Income
Offering convenient parking access is key to attracting and retaining high-quality tenants and businesses. People want to live, work, and shop in places where parking isn’t an inconvenience. This convenience leads to increased rental income as businesses are willing to pay more for locations that their customers can easily get to, and residents value the ease of coming and going from their homes.
By addressing these needs effectively, retail stores, residential communities, and office buildings can thrive because their visitors and employees have reliable parking, which translates to higher foot traffic and higher revenue.
Innovative Parking Management Strategies for Mixed-Use Development
Flexible parking management strategies are essential to meet the unique demands of mixed-use developments. These strategies solve current parking issues and adapt to future needs as the property evolves.
One approach is to offer services such as valet parking and shuttle services. These services not only provide added convenience to users but also help maximize the use of available parking spaces. Valet parking creates an efficient use of space because valets can park cars closer together than would be possible in a self-park situation.
Traffic control strategies also play a part in managing parking. An efficient traffic control plan can ensure an easy flow of vehicles in and out of the property, avoid congestion, and provide an overall smooth experience for everyone. Other full-service options for improving parking management include:
- Shuttle/Mobile Solutions
- Parking Technology Systems Management
- Ambassadors, Front Door, and Concierge Service
- Parking Facility Auditing and Revenue Control
- Surface Lot and Garage Management
- Parking Consulting and Site Evaluation
Embracing Technology
Modern technology is revolutionizing the parking industry. Implementing automated ticketing systems, cashless payment options, and digital signage can streamline the parking process, reduce errors, and make it even more user-friendly. Many properties are switching to parking software that offers real-time data on parking occupancy, trends, and traffic patterns, helping in better planning and allocation of spaces. These technologies make parking easier for users and help property owners optimize their parking resources.
Flexibility and Adaptability
As mixed-use developments grow and change, property managers must be able to adapt. This could mean reconfiguring parking spaces, adjusting service offerings based on demand, or integrating new technologies as they become available. The goal is to always meet the current needs of the property or business owner while being ready to adjust to future changes and ideas. This flexibility ensures that parking management remains a positive aspect of the space.
Why Choose National Parking for Your Commercial or Residential Space
The unique parking needs of mixed-use properties require a full-service parking management provider with expertise in commercial and residential properties. This is where National Parking stands out.
Having managed parking for some of the Southeast’s premier mixed-use, class-A, retail, and hospitality venues, we offer an unmatched level of expertise and experience to mixed-use property owners. We understand the need for specialized parking spaces for residential use and the importance of efficiently managing short-term parking for retail and nonresidential purposes.
Parking management is not just about parking cars, it’s about creating a positive parking experience for all users. In the end, that’s what drives value for mixed-use developments, and at National Parking, we make that our driving principle. We are here to help your team with enforcement, security, and maintenance of your parking structures. This helps in developing a revenue generation plan to maximize the profitability of your long and short-term parking options.
Contact National Parking today or schedule a consultation with our team, and we’ll create a smooth parking experience that will enhance your property’s overall value.
Resources:
- “Mixed Use Zoning.” Sustainable Development Code. https://sustainablecitycode.org/brief/mixed-use-zoning/
- National Parking. https://national-parking.com/
- “Parking industry: strategic considerations for investors.” JLL. https://www.us.jll.com/en/views/parking-industry-considerations-for-investors
