Transforming megacities: Value and impacts of mixed-use developments with Multi-Criteria Decision-Making
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Escuela Técnica Superior de Arquitectura de Madrid, Universidad Politécnica de Madrid, Spain
Submission date: 2023-11-01
Final revision date: 2024-02-08
Acceptance date: 2024-03-20
Corresponding author
Alfonso Valero
Escuela Técnica Superior de Arquitectura de Madrid, Universidad Politécnica de Madrid, Spain
REMV; 2024;32(2):112-125
HIGHLIGHTS
- MCDM evaluation using three sets of KPIs for megacities regeneration
- China's real estate market primarily transformed due to mixed-use assets
- mixed-use buildings adhered to the metro network
- office, retail, hotel, and residential malls increase the value of real estate globally
- listed investors' CBD developments support sustainability initiatives
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ABSTRACT
This research article explores the valuation of mixed-use developments and their impact on urban planning and city regeneration. The study introduces a Multi-Criteria Decision Making (MCDM) methodology to analyze complex buildings developed in Shanghai from 2009 to 2019. Two MCDM appraisals are offered in different developments using three groups of key indicators that served as benchmarks for other Chinese clusters and global megacities. The article addresses two primary research questions: how mixed-use assets can be assessed using MCDM, and what the key performance indicators and factors contributing to the success of mixed-use developments are. The findings highlight the importance of connectivity, previous real estate experience, ESG strategies, international branding, architectural design, financial metrics, and adaptability of the real estate industry in evaluating mixed-use assets. The study provides insight to stakeholders involved in real estate development, including urban planners, developers, and investors, enabling them to make informed decisions and improve sustainable practices. The research also highlights the importance of considering ESG principles, community benefits, and long-term strategies when assessing mixed-use developments to drive social change and contribute to urban regeneration.