Open Spaces Add Value To Commercial Real Estate
Brokers and building owners are valuing open space real estate as an investment. Open spaces can be interpreted in many ways, but generally, we’re referring to community spaces in or near multifamily housing or office buildings where tenants can go to work, mingle, workout, enjoy nature or even unwind.
Cater to your audience
Offering open spaces that cater to your tenants’ specific interests and needs can make any community building more premium. Socializing and health are important to workers wanting to achieve a more balanced life outside the office, so adding a gym or running track to your office space may increase wellness, morale and productivity.
Space to unwind
Research also shows that young families are spending more time outdoors. Often they have dual-jobs and multiple kids, so they value time and space to decompress. Parks, trails, pools and grilling/picnic places create destinations they can go to escape and explore. For St. Louisans, adding outdoor patio heaters, pavilions or fire pits extends the time of year people can enjoy these community spaces because of our unpredictable weather.
Adding value to your investment
Natural or man-made open spaces add value to your property. Chris Crawford, President of RVi Planning + Landscape Architecture, elaborates, “There have been a lot of studies showing that proximity to open space increases property values. [That research shows] higher property taxes levied on residential real estate near parks and open space were in some instances even sufficient to pay the debt charges on the bonds used to finance the parks. Open space also enhances economic development. A city with great parks, trails, and recreational amenities attracts talented and educated people because it is viewed as a good place to live.”
Talk to our brokers about the people inside your business or living space, and we can help when evaluating a real estate investment with open space opportunities.