Candea Development says that by bringing new life to the forgotten, commercial real estate development companies are finding lucrative reasons for buying out underutilized or old properties (old office spaces, worn down hotels, and the like), and refurbishing them. The developers are turning forgotten buildings into something entirely new, and more importantly, a place better utilized.
This reimagining of properties is something that many have come across without even noticing, but the impact that these renovations have on the housing market, architecture, and more is palpable.
One of the most noticeable effects that COVID-19 had, outside of personal health, was its impact on businesses around the world. The unfortunate reality is that some of the only companies and corporations that were able to survive a sudden shutdown were major chains, leaving smaller businesses and “mom-and-pop” stores to close up shop for good.
These empty buildings littered the streets, many of them unlikely to be bustle with customers again. However, repurposing them into homes not only fills these empty buildings purpose but brings life into cities that may have been on the decline.
For some businesses, the repurposing of older buildings, especially those with architectural uniqueness, could make all the difference in terms of customer base and revenue. Statistically, people tend to flock to establishments with unique qualities, such as refurbished fire houses or train stations.
The setting of a business, especially when it preserves the heritage of the location, can add an air of quirkiness and novelty – making a location so unique that it brings value to a once defunct building.
Some of the truest examples of architectural distinctiveness are the Foundation Hotel, which used to be a fire department, The Steel Yard which was a steel company and is now an arts district, and more.
Those involved in the repurposing of a building, developers, architectural team or housing district, will see the effects their project has on the community. This is especially true if the area of the project is in has historical significance, whether it be a landmark, or built in a time of architectural distinction.
The preservation of these areas, especially the exterior, raises customer interest in the location, and is likely to drive more business to the area – harvesting an air of community, regardless if the project is a shopping center, living establishment, etc.
Clearly, if efficiency is of the utmost importance, the utilization of an old space helps speed up the time of the project tenfold. Not only do construction workers not have to worry about the planning of the location, but if the framework of the building is in good condition, there are only minor tweaks needed in order to get a building open to the public.
Aside from timeliness, projects of this nature also cut the costs of starting production, raising the likelihood of construction getting the green light from the city.