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.
Pre-pandemic, retail, restaurants, personal services, fitness centers, and the like would emerge and thrive with the reliable spending of daytime in-person office workers. Post-pandemic, this traditional relationship has been upended due to office downsizing and increased vacancy. As office anchors downsize, former office and retail spaces are poised to be repurposed for alternative uses. The question we must now ask ourselves is this: if not retail or office, then what?
One of the silver linings of the COVID-19 pandemic has been the re-establishing of this important relationship in many retail and neighborhood commercial corridors. Across the country, we started to see the expansion of restaurants and retail into the sidewalks with outdoor patio dining, merchandise displays, and outdoor classes. This rethinking of streets and open spaces as a catalyst to create sociable spaces, increase urban life and support both retail and restaurants will continue to be critical. Learn where and how these open spaces interface with and support mixed-use environments 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.
