The Economics of Space and Time: Toward a True Mixed-Use

Abstract

As the world’s population continues to gravitate towards cities (at the rate of 1 million per 5-6 days), perennial challenges in today’s cities - congestion, density, and high costs of living - will only exacerbate as this trend continues. On the other hand, buildings in cities have yet reached their potentials. According to U.S. Energy Information Administration (USEIA), in 2018, residential and commercial buildings accounted for about 40% of total U.S. energy consumption, but buildings are often designed only to be used for a third of a day’s time at any given point.

With the rise of the sharing economy, we have seen more flexible models of space and property use, where individuals can lend out their underused rooms or spaces (Airbnb), and different people can share a working space traditionally lent to larger groups (WeWork). This is known as the arbitrage of space, where opportunities are created between different values and modes of space use. This could well extend to “time gaps” within physical environment where flexible design can accommodate for a space that is activated through 24 hours – as an office during the day, as a restaurant during the evening, as a bedroom at night, and as an athletic court on the weekends. The possibilities are endless…