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Master-planning calls for thinking long term<\/a> \u2014 in particular, considering how developments can be maximized to their full potential and which asset types will bring value to a community.\u00a0<\/p>\n This approach is especially helpful when merging two assets, such as industrial and retail, into one development plan. Having a forward-thinking approach to the development would include industrial as the root and retail on the corner. This would significantly benefit developers who can capitalize on all available land, said\u00a0Lee & Associates<\/a> Senior Vice President Brandi Dees.<\/p>\n When Houston\u2019s industrial developers, for example, are planning their projects, they should be looking outward and considering what the site\u2019s highest and best use is, said Lee & Associates Executive Principal Thomas Leger. Not considering the bigger picture from the jump could mean leaving opportunities on the table, such as leveraging the high price of a corner property, which can be suitable for retail space<\/a>.<\/p>\n \u201cSome of the more popular areas to live and work in Houston are the newer master-planned areas,\u201d Leger said. \u201cThese areas are thriving a lot more than those in the middle of nowhere with no guidance on the planning or vision for what the site will look like in the long term.\u201d<\/p>\n Looking more broadly at the location\u2019s demographics and surrounding area can help to maximize the site\u2019s potential, he said. If this work isn\u2019t done in advance and the project has already broken ground, it may be too costly to make changes.<\/p>\n Leger said that while not all industrial sites need to have a retail component, the ones that do could see financial returns, especially since retail brings in income from rent.\u00a0<\/p>\n Dees emphasized the importance of making an industrial location \u201camenity-rich,\u201d or using the corner as an amenity\u00a0for employees and users \u2014 something that retail can provide. This could be a fuel station, an eatery, a nail salon, a daycare or an\u00a0electric vehicle charging station<\/a>, for example. Having\u00a0an\u00a0added benefit of the\u00a0retail development<\/a>\u00a0can\u00a0be a convenience\u00a0for both distribution\u00a0and employees of these industrial sites.<\/p>\n \u201cWe want to make sure that every available corner can be utilized and maximized from an amenity standpoint to help enhance the industrial site,\u201d she said. \u201cThis will in turn benefit the development and community around it. Also, corners will always be the most desirable location from a retail perspective because of the visibility it brings at any intersection.\u201d<\/p>\n She said these projects can also\u00a0add life\u00a0to the community by helping to bring more jobs and traffic to the area.<\/p>\n When it comes to developing or selling these properties, Leger advises industrial brokers to be proactive in getting their projects maximized by connecting with retail brokers in their market and taking a collaborative approach to dealmaking. Retail brokers can assist industrial brokers by providing insight into the dimensions of a property and helping\u00a0them advise their developer clients what they can sell their site for, especially a corner property.<\/p>\n \u201cIn CRE, we typically are taught to stay in our lane, but having certain lanes merge together is beneficial for everyone,\u201d Dees said.<\/p>\n This article was produced in collaboration between Lee & Associates<\/a> and Studio B. Bisnow news staff was not involved in the production of this content.<\/p>\n