16 November How to Use Public Art to Increase Your Curb Appeal November 16, 2022 By sma Property Investment, Property Management building renovation, business tips, multi-family property, office space 0 HOW TO USE PUBLIC ART TO INCREASE YOUR CURB APPEAL November 16, 2022 | Management, Investment | office space, business tips, building renovation, multi-family property Art is subjective. Some people love country music, while others can’t stand it. Some people love abstract paintings, and others prefer realistic landscapes or portraits. Preferences and opinions on art can be incredibly diverse, but almost universally, art has a unique power to inspire people. In a national survey conducted by the Americans for the Arts council, 90% of respondents said that they believed arts institutions are important to a community’s quality of life, and 86% said that they are important to a community’s businesses and economy. Property investors know this well, but strategizing how to best incorporate art into commercial properties can be difficult. In order to increase your curb appeal, here are a few considerations when investing in public art. Community Connection Incorporating art into your commercial property can be transformative, but it is important to act strategically. Consider the local culture and character of the community selecting artists and content. Any public art associated with your property will create a touchstone for that property, and for your tenants. In competitive markets, this can be the differentiator needed to secure high quality tenants and reduce vacancies. When considering the type of art that you want to invest in, remember that this mural or sculpture will likely be the most defining feature of the property and business for the general public. What image do you want to be associated with? Acting with sensitivity to your unique region and community will improve the positive perception of any associated brands, and even drive business with improved living within the property’s area. Advertising Investors know the success stories from Millennium Park in Chicago, High Line in New York City, and Cultural Trail in Indianapolis. Properties and areas that have fallen into disrepair or suffered from a poor reputation due to past neglect can be completely transformed into something new, and in turn, the surrounding property values shoot through the roof. With the right kind of public art, commercial properties take on a new identity. When executed well, public art installations can dramatically improve foot traffic, and increased photographability creates a more prominent online presence through social media. An attractive mural or sculpture can become a constant real world advertising campaign that keeps giving, and the public will help maintain its relevance. ROI People know how art makes them feel, and the draw that public art can have makes sense as an asset for commercial property, but it can be difficult to track the actual return on investment for such initiatives. Every public art initiative is different, so there also aren’t necessarily proven strategies that will fit every scenario. Development managers recommend investing in a consultant early on to get a clear picture on costs and expectations, and also to ensure quality. Still companies continue to use art as a reliable strategy to improve property value and to improve their business. Martha Weidmann, CEO and Co-Founder of NINE dot ARTS commissioned a mural at their home office for the dual purpose of attracting attention to their business, and also to draw her workers back into the office coming out of the pandemic. Whether it’s a mural, a sculpture, or quality poster prints, there are many routes property owners and managers can go with to incorporate public art into their investment strategies. Projects can vary depending on budget options, so public art is a powerful differentiator worth implementing for any commercial property owner. For all of your commercial property inspection needs, National Property Inspections has an international network of trusted professionals. Schedule your next inspection today! Comments are closed.