Developers will benefit greatly from placemaking
We believe that out of all of the real estate sectors, currently, the developers will gain the most from placemaking. Placemaking is spoken about rarely in PropTech, but this will soon become a very popular and important subject as the industry learns of the financial benefits of placemaking. A community can be created long before a development is even finished! This is a HUGE game-changer in the real estate industry.
Temporary or Mobile Tenants
For developers and landlords, the rise of placemaking and mobile trading near developments has been spurred by a new type of ‘temporary tenant’ or trader that attracts consumers who are hungry for authenticity and fresh experiences. And for retail and restaurant developers, it offers opportunities to ‘try’ spaces across the city.
The StreetDots model has emerged as one of the hottest growth concepts in real estate and presents a legitimate “hedge” to developers in need of elevated and rotational food and beverage concepts in inactive areas.
All developments need activating
Developers across all sectors in real estate are going to want to start paying attention to the value in outdoor placemaking. There is huge value across developments in both residential and commercial real estate. There’s so much more to placemaking than creating seating or painting murals. There is huge financial gain.
Even the largest developments need help in attracting people to them, as they have been ‘off the map’ under construction for months or even years. People need a ‘reason’ to check it out or to ‘move-in’.
Smaller developments have an even tougher time! You only have to look at the skyline in London to realise how competitive the development market is. How can developers stay ahead of the curve? Placemaking is the answer.
The housing crisis has created this demand for placemaking
In this ‘on-demand’ generation, landowners and operators have to compete to attract and retain tenants. More now than ever.
We speak to land partners on a daily basis and the over-arching themes for them at the moment is activating their dormant land and keeping their tenant mix happy.
Developers have a unique opportunity to work with StreetDots, who help (free of charge) to enliven areas and activate land. They, at the same time, can support independent brands and shape future towns and cities. (Also, by trialling and testing concepts on wheels, they can determine which is best for their bricks and mortar!)
Due to the housing crisis in the UK, we have seen creative and new ways to house people. Co-Living, PRS, Built to Rent, Modular Homes, and Meanwhile Use are becoming more and more popular. Ownership seems to be a thing of the past and the sense of community has gone with it. These new and almost ‘alien’ developments need humanising.
The value of community
Community is extremely important to us all. Technology has allowed us all to connect and communicate in a virtual world for the past 10 years with tools like Facebook and WhatsApp. People do not interact like they use to and this is causing widespread loneliness across the planet.
We believe that this is a growing problem and City Planners are beginning to see the value in bringing back a sense of community through placemaking.
We want people to experience the ‘real’ sharing economy. To us this means, finding local friends, colleagues, and neighbours to share your life experiences with.
The Real Estate giants agree
I recently read a great one-page article in a Savills Portfolio booklet about the importance of placemaking. I was glad to hear that they are on the same page! Here are a few quotes from Savills on the topic.
“When it comes to new developments, creating a sense of community can be just as important as the building itself”
“People need to feel happy where they live, especially if the development might not be be completely finished”
“Being flexible on leasing terms, to get services up running quickly, and create an interesting street level environment.”
“Placemaking on this scale is a significant investment.”