As someone who has spent considerable time exploring the winding roads, charming villages, and bustling cities of New England, I’ve come to appreciate that this region offers more than just scenic beauty and history.
There’s a certain rhythm here, a way of doing things that’s deeply rooted in tradition yet surprisingly innovative.
And as I reflect on my experiences, I can’t help but see parallels between the lessons New England offers and the world of commercial real estate.
Value in preservation
New England is a region that values its history. Whether you’re walking the cobblestone streets of Boston or admiring the colonial architecture in towns like Portsmouth, New Hampshire, you quickly realize that preservation isn’t just a buzzword here—it’s a way of life. The same can be said for commercial real estate.
Often, the most valuable properties aren’t the new builds with all the latest amenities, but the ones that have stood the test of time.
Just as New Englanders know the value of a well-preserved historic home, real estate investors should recognize the potential in older buildings. With a little care and strategic renovation, these properties can become not only profitable but also integral parts of the community.
Embrace seasonality
One of the most charming, and sometimes challenging, aspects of New England is its distinct seasons. The region goes from vibrant fall foliage to harsh winter snow, followed by the gentle thaw of spring and the warmth of summer. This seasonality teaches resilience and adaptability—traits that are equally important in commercial real estate. Markets, like seasons, change. There will be highs and lows, periods of growth, and times of stagnation.
The key is to embrace these cycles, prepare for them, and adjust your strategies accordingly. Just as New England businesses might shift their focus from skiing in the winter to coastal tourism in the summer, commercial real estate owners need to be nimble, adjusting their property management and marketing strategies to the ebbs and flows of the market.
Community is king
In New England, community isn’t just an idea; it’s a lived experience. Town meetings, local businesses, and neighborhood gatherings are the lifeblood of this region. It’s a place where people know their neighbors and where local businesses are fiercely supported. In commercial real estate, fostering a sense of community can be just as crucial.
Whether you’re managing a mixed-use development or a single office building, creating spaces where people want to gather—where they feel a sense of belonging—can dramatically increase the value of your property. Think of your tenants as community members, not just rent checks.
When you invest in their success, you’re also investing in the long-term success of your property.
Respect for the land
New Englanders have a deep respect for their natural surroundings, whether it’s the rugged coastline of Maine or the rolling hills of Vermont. This respect translates into a thoughtful approach to land use—something that’s increasingly important in commercial real estate. Sustainable practices, from energy-efficient buildings to green spaces, aren’t just trends; they’re becoming necessities.
Properties that align with these values are more attractive to tenants, investors, and regulators alike. Just as New England’s landscapes have been carefully maintained for centuries, so too should our commercial properties be developed with an eye toward long-term sustainability.
Innovation rooted in tradition
Finally, New England is a region that innovates while honoring its roots. From the tech hubs of Cambridge to the traditional craftsmanship in Vermont, there’s a unique blend of old and new here. In commercial real estate, this balance is crucial.
While it’s important to stay ahead of the curve with the latest technologies and trends, there’s also value in holding onto the tried-and-true practices that have proven successful over time.
Whether it’s a new smart building or a classic brick-and-mortar storefront, the key is to integrate innovation in a way that respects the property’s history and purpose.
In the end, what New England teaches us about commercial real estate is that success isn’t just about the latest trends or the most modern designs. It’s about understanding the value of history, the importance of community, and the need for resilience and adaptability. It’s about respecting the land, embracing change, and finding that delicate balance between innovation and tradition.
So, the next time you’re faced with a real estate decision, take a page from New England’s book — you might just find the inspiration you need to succeed.
Allen Buchanan is a principal and commercial real estate broker at Lee & Associates, Orange. He can be reached at 714.564.7104 or [email protected].
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Publish date : 2024-08-24 01:00:00
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