Over the past quarter century, developers, landlords and occupiers have increasingly looked to experiences to elevate a property’s appeal. This is difficult to quantify and measure but is crucial to unlocking the full potential and benefits of the built environment, according to a Cushman & Wakefield report.
The rise of experiences has been acknowledged as the next emphasis for the consumer economy by delivering memories rather than products and services. Within the commercial real estate market, these projects are seen most often in retail, hotel and lodging as well as museums, theatres, arenas and stadiums, the report said.
However, it can happen in all real estate sectors and is worthwhile for industry stakeholders to consider. U.S. consumers dedicate about one-quarter of their budget to services that are tied to experiences, including salons, fitness centers, restaurants, concerts, sporting events and other recreational activities, according to the report.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
