For street artists, the world is a canvas and blank walls call to their inner muse to cover bare surfaces with beautiful pieces. For many years, graffiti was a nuisance to businesses and the art scene happened in a largely illegal manner, adorning storm drains, the underside of bridges, the sides of train cars, blank billboards and the blank walls of unused or unsuspecting buildings. However, like the art that hangs inside a building and brings meaning to its inhabitants and value to its owners, public art and murals have become a valuable asset for commercial real estate investors and having a mural that adorns your building might just market for you better than any postcard mailer or blasé billboard ad ever could. Here are some reasons why savvy commercial real estate investors and landlords are more than excited to let their walls become a classic piece of art.
Public Art And Murals Increase Foot Traffic
What would you rather stare at: a blank, boring corporate wall with no soul or a vibrant illustration that captures the spirit of the city? When businesses invest in outdoor or indoor public art, pedestrian and auto traffic tends to increase. Interested passersby might stop in just to take a look and a selfie with a piece that they find interesting, then stick around to make a purchase or inquire what businesses a building holds. Tenants obviously love more foot and auto traffic, so public art can translate into more value in leases for landlords and tenants looking for new space might see public art as an opportunity to tap into some foot traffic that comes from gawking onlookers.
Public Art Increases Property Value
While murals usually carry no measurable monetary value because people usually won’t pay a premium to view art outside a building, the beneficial draw for landlords is the probable spike in traffic from the local community. However, good art often doesn’t stay localised. Most major cities that have embraced art in their communities have walking or city wide mural tours that attract tourists from around the country and the world. Consider cities like Austin, Chicago and even Phoenix with their distinct art scenes across those cities. However, for more traditional investors looking for value, sculptures and other art like digital displays often have a quantifiable value that can act as more traditional art investments as long as property owners keep accurate records. You could have pieces of art that appraise anywhere from $100,000 to $700,000 that could become part of the value of the property if you wish to sell.
Art Inspires The Community
Public art also has another function: it can act as a marker for the city’s or neighborhood’s personality. Many property and business owners, especially in downtown corridors, are proud of what makes their city unique and the identity of the people that live in the city. This can be related to sports teams, prominent history or historical figures, or even obscure art that speaks to the taste of the artist and the neighborhood.
Art Conveys An Image
What type of business do you run or what sort of businesses are you trying to attract to your building or even your neighborhood? A piece of public art, a mural or even a unique piece of landscaping can speak volumes to what type of companies are a good fit for the area. Conversely, if you’re a tenant looking for a good area for your unique business, what type of image would be conveyed about your business if it occupies a space near a well visited public landmark like a piece of art.
Not every business needs art to accomplish their goals and not every piece of art is right for every business. But when you are on the search for new property to occupy for your business, it’s important to know what kind of image you want to convey. A beautiful, art-covered urban core might just be the perfect spot for you. Let the LCI Realty team help you find that perfect space. Call our office today at 480-565-8981.