Can Art Impact On Commercial Property Values?

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Can Art Impact On Commercial Property Values?

There are many different factors that impact on price and desire for commercial property but have you thought about the impact of art on the market?

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There are many varied factors to take into consideration when it comes to finding the ideal commercial property value. Your specific requirements will have a considerable influence and there are many things that are nice to have as opposed to being essential to finding the right space. However, it is important to think of the working environment and making sure that the area is suitable for creating a positive working atmosphere. If a location or setting can boost work rate and morale, there is a lot to be said for taking this into consideration when you are looking for an ideal place to base yourself.

Therefore, the issue of art and its impact on commercial property values is worth considering. Art is subjective and one what one person likes another person may loathe. This may make it difficult to know what sort of art is acceptable in or around the working environment but at the most basic level, weighing up options that offer art against areas that don’t may help you determine what is right for you.

Art installations in Liverpool hope to boost businesses

Focus on the importance of art in public spaces and in the working environment is being undertaken in Liverpool. This has seen the Liverpool BID Company commission Liverpool Biennial to create a five-year art strategy for the commercial district of the city. This is an area that stretches across 85 acres and it is hoped that there will be a development of high-quality public commissions which should incorporate installations, sculptures, sound pieces, lighting features and urban furniture. Given that there is a desire to increase the footfall in the area, could this be something that will benefit companies. Not every company who holds an interest in commercial property is looking for more people to be milling around but many do. In fact, many of these firms and businesses spend a considerable amount of time trying to increase footfall to their outlet and the local area.

With the aim of the project being classed as creating a “world class cultural destination for residents, businesses and visitors to enjoy”, there is clearly a business focused element to the work. It is believed that the first piece of artwork will be added to the area in spring of this year and there are 11 sites which have been classed as potential areas to host to the artwork.

Art work can bring many benefits to an area

The work is being undertaken with the aim of making the Commercial District more recognisable, and as an area that is more attractive to live and work in. It is the sort of venture that could positively impact on property prices, with residential and commercial properties benefiting from this. Businesses that already own commercial property in the area will likely be pleased to hear about the potential increases but of course, if you are looking to venture into this area, news of potential price rises will hardly be pleasing.

You can guarantee that if prices rise positively, or commercial companies see a benefit, that this project will be repeated across the country. If you are keen to stay in touch with the latest commercial property news and developments, make sure you stay in touch with Virtual Commercial. 

 

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