Investment, human experience, tenant curation, and execution

By: J. David Chapman/April 9, 2020

I wish I knew when this anxious and stressful time would end. I don’t know when, but I do know it will.

So, we have been thinking about how the built environment looks on the other side and what we can do now to make the most of it. I’ve been thinking about four values that will be necessary once we clear the danger. First, investment in the community; second, emphasis on the human experience; third, tenant curation; and lastly, project execution. Frankly, these are not any different than before, but will have a new sense of urgency.

Investment in the community: In the last few years, we have seen some very good examples of private-public coordination and investment in the communities they serve. We are going to need a new level of creativity and innovation among leaders in cities to help build back business in our most popular venues and submarkets in the U.S. Some restaurants, clubs, and shop owners are going to need a little additional motivation to continue the fight and reopen their operations. We need to take a hard look at what we want our city to look like and put resources in place to achieve those goals.

Emphasis on the human experience: Successful and dynamic neighborhoods and venues are created by capturing the people and places that make it unique. We must work with community members and stakeholders to create policy that enables inclusive growth and lasting value. We must transform purely functional spaces into delightful and memorable experiences through programming and entertainment. Music, public art, and leveraging architectural significance (whether old or new) are great starting points in creating the human experience.

Tenant curation: The role of the real estate broker has changed. It is no longer enough to list a property, show the property, and sign the first qualified tenant that applies. Today, brokers must act strategically, understanding that content creation and thoughtful co-tenancy builds community. They must identify demand and seek out those that fulfil those unique needs that create vibrancy and a sense of place in the community.

Execution: Lastly, we must execute. We must, as community leaders, look at our community needs and place the resources gathered to where they will produce the quickest and most significant returns.

J. David Chapman is an associate professor of finance and real estate at the University of Central Oklahoma (jchapman7@uco.edu).