Ready for Reinvention: 2023 Trend Report, made with support from CBRE, is for all parties involved in the real estate ecosystem and urban place management, including but not limited to investors, property owners, tenants, consumers, and the public and non-profit sectors.
Former office and retail spaces are poised to be repurposed for alternative uses due to the rapid evolution in how consumers spend and value both their time and money. Traditionally, commercial districts with large office anchors offered a guaranteed customer base that supported an ecosystem of symbiotic uses. Retail, restaurants, personal services, fitness centers, and the like would emerge and thrive with the reliable spending of daytime in-person workers. The question we must now ask ourselves is this: if not retail or office, then what?
Immersive entertainment, eatertainment, and experiential retail have grown in cultural popularity over the past decade. These use types can be appropriate for a range of opportunities; whether looking to fill a large box space with an interim, immersive activation, to activate a vacant development parcel over a couple of years, or to layer in a handful of tenants in smaller spaces. Area 15 is an all-day entertainment destination adjacent to the Las Vegas Strip. The unique mixed-use environment, pictured above, celebrates immersive entertainment, eatertainment, and tech-forward art experiences, with additional plans for residentials, office, and retail in the pipeline.
While entertainment drives visitation to proximate businesses and services that benefit from increased foot traffic and sales, they should not be treated as a silver bullet. Learn how to find quality tenants for entertainment spaces that deliver long-term experiential and economic value in Ready for Reinvention.
The Place Consulting team works to identify, analyze, and solve real estate and place-based challenges from the perspectives of key stakeholders in the real estate ecosystem, including investors, property owners, tenants, and consumers. We take pride in our award-winning diagnostic methodology, one that begins with uncompromising research: identifying unmet potential and diagnosing the hurdles in the way to meeting it. Our diagnostic ensures we have defined and fully understood the challenges, while also educating our clients and setting us up for highly executable solutions and recommendations that support return on investment— however it is measured.
