TRENDS
ART as an Amenity By: Lauren Townsend
Public art adds enormous value to the cultural, aesthetic and economic vitality of a community. It is now a well-accepted principle of urban design that public art contributes to a community’s identity, fosters community pride and a sense of belonging, and enhances the quality of life for its residents and visitors. The amenities arms race often focuses on what a tenant uses within a building — fitness centers, tenant lounges and loaded technology packages. But one amenity is often overlooked even as people interact with it daily. “For newer trophy assets, art can make a statement that aligns the asset with the high-profile tenancy it aims to attract.” 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
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Issue 1, 2020
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. 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. CBRE Vice President Cody Hundertmark said the value public art adds to an asset cannot be measured with dollars and cents. Art enhances a building’s buzz.
