Areas where commerce and housing are combined can be a great selling point for many, but they can become rundown as businesses and people move out. For those watching the value of their property go down, filling abandoned buildings can be an economic boon. Developers look for these opportunities when they are seeking new projects, so they are often welcomed into areas where large buildings have lost tenants over the years because they will fill them with new life.
Commercial property is only attractive when it offer businesses an opportunity to make good profits, and developers know this is not always possible without a lot of investment on their part. Older buildings must be completely upgraded before they are ready for tenants, but the choice of upgrades depends upon the tenants to be attracted. Those looking for low rent will expect few amenities, but businesses with high priced customers will need to be wooed by providing them with large spaces and good services.
Some abandoned commercial properties today are turned into condominiums, apartments or lofts. These are often marketed as industrial housing, and they have become popular in recent years. Large open spaces are a draw for many city residents, and that is exactly what they can get in these types of buildings. Developers with an eye for creating great spaces have learned that less is more when creating modern living spaces within the heart of the city.
Amenities are important today, and real estate that does not offer them will often sit empty. Many industrial or commercial buildings that are being converted into homes offer residents their own rooftop terraces, or they might build an atrium on the ground floor for residents. Adding a pool is now seen as part of what city residents should expect, and being able to shop in the same building offers the opportunity for commercial rents along with selling apartment homes.