Thursday, April 26, 2018

How the Experience Economy is Affecting Commercial Real Estate

NREI Online

The commercial real estate market is extremely competitive and enticing major brands to select one development over another requires more than just “location, location, location.” With everything getting “smarter,” from devices to cities, the expectation for brands is that real estate property will keep pace with evolving technical standards. Up until now, branding considerations in property design have taken a backseat in terms of developers’ top priorities, but they will become increasingly important as the experience economy continues to mature.

Looking ahead, developers should think differently about their properties to improve value and increase marketability. No industry has perfectly balanced an equally scientific and thematic approach to creating immersive brand experiences like the theme park or attractions industry. While traditional commercial real estate and entertainment are vastly different, there are disciplines and approaches from the entertainment sector that traditional real estate developers should consider implementing in more subtle ways.. . . more