September 2019
Businesses that locate within condo buildings offer an extension of amenities condo owners do not have to maintain. They have a built-in customer base that walk by daily and frequent their establishment.
Exercise facilities, coffee shops, supermarkets, daycare centres and medical offices located in condo buildings are all lifestyle enhancements. While available to the general public, having these services accessible in a condo building provides value to residents who have easiest access to them. Buildings with these services are able to provide convenience and lifestyle advantages without having to maintain them as common areas.
High-rise residential buildings constitute a huge marketplace inaccessible to businesses unless located very close to them. This is a built-in customer base located directly above the store. Residents that pass by daily are less likely to travel a distance by car or transit for similar products or services.
Businesses located in a residential building have to be compatible with a residential area. Residents require protection from noise, smell and congestion arising from large trailer deliveries. There may be a need for parking to service customers arriving by car.
Businesses located at the base of a large building can find its customers willing to pay a premium for convenient access. This premium is often less than the cost of travelling a distance for a comparable product or service.
