Placemaking describes the multifaceted approach to creating a vibrant location where people want to live, work and visit.
The return on investment from placemaking include soft and hard benefits which occur during both development and trading.
1. Indirect Benefits include:
- The creation of energetic precincts that are attractive to locals, and tourists alike
- Greater economic actively and employment opportunities.
2. Direct Financial Benefits are more readily quantifiable, and can be broken down into two phases;
- Development Portfolios:
- Faster absorptions rates; Higher forecast rents; Higher prices / lower capitalisation rates
- Trading Portfolios:
- Lower vacancy rate; Capacity to maintain / increase rents; Lower capitalisation rates and increased valuations; Increased GST revenue from the increases economic activity.