Repurposing can be beautiful. It turns what some may consider trash or unusable into something potentially even more valuable than it was before. This applies to everything from recycling art to commercial real estate.
More and more CRE pros are seeing the benefits of repurposing old properties and malls as one of the biggest opportunities available today. Vacant and outdated malls are being replaced with newer alternatives based on currently thriving industries. Should you consider the same for your investments? Let’s look at five examples of ways traditional malls can be repurposed.
1. Health and Wellness
Health, wellness and exercise industries took off in 2020 as more people started pursuing healthier lifestyles at home and working out. Now that more employees are being asked to return to the office, there’s a growing need for access to health, wellness and lifestyle centers that offer healthy outlets and rejuvenating services. Look into your local demographics to nail down the right particular niche, whether it’s yoga, a spa, health foods or medical offices.
2. Technology and Innovation
As new technology solutions emerge, so do new industries. This leads to startups and tech companies looking into commercial property solutions, which fosters commercial real estate portfolio growth. It also helps you identify emerging industries and build your portfolio around them. Don’t be afraid to innovate with a repurposed space, whether it’s a mall or single building.
The easiest way to repurpose a traditional mall may be with mixed use development, as malls tend to have a wide mix of different stores, industries and services. With a mixed-used development heaven, you can combine commercial, retail, dining and entertainment spaces to create a sought-after destination for the ideal demographics in your area.
4. Arts and Culture
Due in part to the rise of connected neighborhoods, there’s a demand for access to a variety of amenities in urban areas. Since traditional malls tend to be located in these areas, it makes sense to consider repurposing their facilities into an epicenter for arts and culture. From galleries and performance spaces to artisanal markets, you can create an inviting environment that immerses your visitors.
5. Eco-Friendly Hubs
The sustainability movement is another trend, with more individuals doing their part to make the most of what they’re given and reuse items instead of waste them. CRE is no different, as repurposing a building is usually more environmentally responsible than tearing it down and rebuilding new spaces in its place. You can take it even further by featuring recycling programs, energy-efficiency services and eco-friendly retail options on the property.
The journey from a fading retail center to a vibrant, multipurpose hotspot begins with a click and a vision powered by cutting-edge technology. To see how Quarem is the technology that will get you there, request a demo today.