“We’re at a very interesting inflection point in real estate history. The next 10 years will be very different than the last 30.” – Peter Miscovich, Jones Lang LaSalle, 2010
Connections bring foot traffic, and foot traffic underlies prosperous places. We depend on and value connections in different ways than in the past. Census data released this year confirms falling commuting by car and rising use of transit, bike commuting, and walking. America’s two largest demographic groups – Baby Boomers and the “Millennials” – are aligned in driving this trend.
Stronger links between buildings and their surroundings have long been values of urban designers. Increasingly, because these links present a business case by reducing vacancy and increasing lease rates, commercial tenants, property managers and owners are focusing on connections to neighboring property.
Connections nearly always involve interaction with both private and public sectors. Consider these examples:
- Average space per employee has fallen from 500-700 square feet to 200 today, and is still dropping. Accommodating the needs of more employees, and maximizing spillover benefits, involves the public and private sectors, and can distinguish property owners and increase demand and values.
- In 2011, transit in the region will move over 80 million passengers, including 69% who choose transit instead of their cars. In Minneapolis, the number of bicycle commuters increased by 27% from 2007-10. Property owners and managers prepared to engage these audiences will link to a growing base of consumers arriving by bicycle and foot.
Donjek has demonstrated expertise in real estate finance, public/private sector negotiations, and planning to help owners, managers and other users of urban real estate increase the function and desirability of property. More specifically – we can work with you to:
- Serve as your “R&D” function to take advantage of ways to attract feet
- Enhance visibility, increase safety, and boost foot traffic
- Create value by taking advantage of proximity to nearby large employers or institutions
- Produce real-time analysis of TIF cash flow of any district that may contain your property
- Monitor the development process of nearby parcels in transition, for impacts on your transportation, zoning, or other assets
- Create communication about these initiatives in a way that sets you apart.
The preferences of businesses and their customers are evolving. Tenants and their customers are leading the way, and you have an opportunity to attract and retain them with innovative strategies that reflect an evolving set of demands.