Technology and Competitiveness Are Making “Experience” a Critical Component in CRE Development

 Posted on December 00, 0000 in Commercial Real Estate

Consumers have more choices than ever, and thanks to the constant and rapid evolution of technology, those options can be researched and accessed in a matter of seconds. Because of this, companies are having to work even harder to maintain their competitive edge - and that includes commercial real estate businesses. Environmental experience is one of the key, creative elements that they are using to draw in and maintain a strong, thriving customer base. Learn more about how you can incorporate this element into your commercial real estate business, and discover how a seasoned commercial real estate lawyer can help to further increase your profits.

What CRE Investors Can Learn from Theme Parks

Theme parks base their entire business on experience. They combine sights, sounds, and even smells to create an immersive experience that both entices and entertains their consumers. Their shops and stores are the bi-product that drives profits, but it is the experience that encourages consumers to spend. They are in an alternate world, and they want to hold onto their experience forever. Of course, this is an overt and blatant example - one that is unlikely to be seen in an office building or high-rise condo, so one must think more creatively in the commercial real estate industry.

Incorporating Experience Into Your Next CRE Project

Try as you might, you cannot always find the “prime” real estate at a profitable price. Yet, when you incorporate consumer experience into the project, the location of a property becomes somewhat less critical. Instead, you draw people in and hold them there with an element that they cannot quite place but want to continue experiencing. As an example, there is a hotel that pumps the smell of money through their venting system to attract and entice their wealthy clientele. Other companies use special lighting that fluctuates throughout the day to simulate natural light.

Essentially, the goal here is to encourage an emotional connection - one that appeals specifically to your clients. To incorporate it, you have to think outside the box (while also keeping your eye on safety). Moreover, the aesthetics (the “story” you are trying to tell) should be developed and planned out during the concept phase so that everything is seamless and self-sustaining. Jump onto the experience concept now, before it becomes a necessity, and you will be ahead of the companies that have failed to see its importance.

Contact Our Naperville Commercial Real Estate Lawyers

Experience is just one of the elements that CRE investors must consider in their business. Knowledge and strong negotiations are critical as well, and they can drive up profits and reduce the risk of losses. Skilled and committed to your company's best interest, Lindell & Tessitore, P.C. can assist with these elements so that you can spend your time and energy elsewhere. Schedule your consultation with our seasoned Naperville commercial real estate lawyers by calling 630-778-3818 today.

Source:

http://www.nreionline.com/retail/how-experience-economy-affecting-commercial-real-estate