Multi-use buildings are the future of real estate according to partners at JLL.
The CRE giant recently teamed up with Poag Shopping Centers, which creates and develops open-air lifestyle spaces that incorporate retail storefronts, offices, multifamily residences and hospitality areas.
Through the new partnership, Poag will offer development services for JLL centers, while the latter will provide managerial and operational services to Poag’s lifestyle spaces.
“Poag is the original pioneer of the lifestyle center, which is today’s most popular and durable segment of the retail sector,” said Greg Maloney, president and CEO of JLL’s Retail Property Management.
“This strategic partnership allows both companies to bring our expertise to the shopping center of the future—a mixed-use retail destination—offering our clients unmatched expertise to steward their centers forward in the years to come.”
The merging of real estate has become a lifeline for the industry, which has struggled with low occupancy levels, skyrocketing rental costs and high attrition rates. By incorporating the tenants of real estate in a single space, operators and landlords have a better chance of weathering economic uncertainty.
