Mixed-use urban hubs on the rise in the Nordics

Mixed-use urban hubs situated in prime locations are on the rise in the Nordics.

Scott Ball, CEO of Citycon, a real estate manager and developer, says the push for further mixed-use hubs in the region is being driven by the continued decline in some areas of retail, growing demand for residential across most cities, and a new desire for residents to shop and live locally. This drive is also forcing managers and investors to once again reconsider the make-up of their own portfolios, particularly in light of the COVID-19 crisis.

When Citycon began looking at ways to expand its portfolio in 2019, Ball says, it sat down with local municipality officials to find out about residents' and market needs and discovered that residential assets continually came up in their discussions. Since then, the COVID-19 crisis has caused many people in the Nordics to rethink their work-life balance, leading them to begin shopping a lot more locally.

"People have really honed in on t