Developers Use Art to Attract Tourists and Increase Property Values

Published On Sep 3, 2024, 5:00 AM

Recent trends in urban development show a growing integration of art into real estate projects. Developers are recognizing the value of art in attracting foot traffic and enhancing the appeal of their properties. Notable examples include the Indeed Tower in Austin, Texas, featuring a neon sculpture by artist Cerith Wyn Evans, and Miami Worldcenter, which showcases various colorful artworks. This shift is not only transforming city landscapes but is also seen as a strategy to drive economic engagement in developments. Although there has been pushback against mandates for more public art due to cost concerns, the trend towards incorporating art is gaining momentum among real estate firms.

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Investors might consider looking into real estate development firms that are actively integrating art into their projects, as this could enhance the marketability and price of their properties. Companies like Jamestown or Kilroy Realty may present interesting opportunities.

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Additionally, real estate investment trusts (REITs) focusing on urban development with a strong emphasis on art and community engagement could benefit from this trend.

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Developers Use Art to Attract Tourists and Increase Property Values

Sep 3, 2024, 5:00 AM

Artwork has been part of urban projects for decades, but a new push from developers looking for ways to drive foot traffic has created a boom for the art world.

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