When you acquire a real estate space, it’s tempting to put your own design on it. After all, this is your new space — you want it to be entirely yours, which involves removing signs and leftover furnishings to make way for your new clients or tenants.
But, if you’re moving into a space that has existed for decades (or even centuries), some of the older aspects of these spaces have existed for just as long — and may even be an identifying factor for your building or its neighborhood. Vintage commercial ads and older murals are just some of these defining factors. If you’re a real estate developer, it will ultimately be up to you to decide how to tackle these ornamental additions.
But, before you break out the paintbrushes to cover up these ghost ads, you may want to learn more about the benefits of keeping them a part of your properties. Blueprint CBRE recently tackled this topic, and we’ve summarized some of the main points of this issue below:
1. Vintage ads lend a unique feel to your real estate spaces.
When you’re a real estate developer, you want your spaces to stand out. After all, this is the best way to attract attention from potential clients (and their customers) or residents looking for a new, cool place to live. There are many ways you can accomplish this goal.
Keeping up or restoring vintage ads on your property can be a unique, authentic way of doing so. No matter their age, a client or resident loves the feeling of nostalgia and the knowledge of living in an established space. As long as the amenities of your space aren’t outdated, mixing vintage touches with modern aspects can make your spaces stand out from all the uber-modern developments going up.
2. Young people are all about the social media pictures.
Instagram and Facebook offer the greatest word-of-mouth potential for your developments. If a vintage ad is available to photograph, you can bet young people will add pictures to their social media feeds. Just as public art space does, vintage ads on buildings get internet eyes on your spaces and up your development’s “cool” factor.
By taking the initiative to preserve or even enhance existing vintage ads, you can tap into a whole new market as a real estate developer.
3. History can add value to your spaces.
While it’s highly unlikely that any vintage retail ads or murals would add significant historical distinction to a place, it can still add value to your development overall.
Generally speaking, property values increase in historic districts or boroughs. If your building’s vintage sign is an indicator of a generally historic area, you may find your real estate property costs more — which also means you can charge higher rents for tenants. Keeping historic aspects of a neighborhood (such as vintage signs and art) intact will keep your neighborhood’s desirability high — without the restrictions of a designated historic venue.
4. Preserving your community’s personality can be a bigger benefit than you think.
The benefits of maintaining vintage ad space can be felt in more than just your individual real estate space. Keeping vintage and historical ads in place on your building will benefit your community at large.
If the sign on your building is already a popular destination, you will see its effects on the surrounding retail spaces. Preserving this sign will help maintain the foot traffic that comes into your community, impacting your development and the health of the whole neighborhood. Your tenants will see revenue from tours and other busy footpaths. This will all drive up the value and desirability of your building and community.
Before making any decisions about what to do with vintage signs on your buildings, take stock of their existing value and the community around them. In some cases, a gentrified neighborhood will demand the painting over of the sign to fit in with the modern buildings. In other cases, the vintage ad will bring a sense of personality and character.
If you’re looking for guidance on how to renovate and design a new real estate space, look no further than CTG Real Estate Services. Schedule a consultation today to get started.