VACANT Real Estate: A money pit or an Eye-sore?

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Real Estate has been there ever since Man started seeking shelter. The main reason Real Estate is that important in our lives is that all of us need a home to stay and a place to work. We are not the type of species that are designed by nature to work in the rain, Sun, Snow and in the midst of a flood or avalanche. A Real Estate property is bare bone air compartmentalized by walls, floor and a ceiling. We take away the walls, floors and the ceiling, we are back to open and rugged nature. Today we spend 99 % of our lives indoors and less than 1% in our cars commuting to and from work. This is why people all over the World like Real Estate. But liking is one thing, carrying it is another. It comes with a boat load of costs, regulations and rules to abide by.

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So why do we like some Real Estate and not others. This may be due to demographics, economic viability, neighborhoods, crime, future prospects and appreciation in value over time. Today we see most businesses carrying a virtual arm vs brick and mortar store. This is due to having them minimize costs of labor, utilities and soaring rents. As  a result of this Brick and mortar stores are dying out and malls are going into extinction. This is a vast empty space to exploit new ventures into. This may be an eyesore to passers by, a loss to the landlord and the community but it is a boon to investors who buy low, develop it and sell high. New startups may venture into this space by using it to do vertical farming, grow fish, create indoor amusement parks and even call centers. But there is a catch: It comes the need for a lot of upfront capital and improvement costs and NO guarantees what so ever. Everything does look good on paper until we put our feet to the water and let it get wet. This is when we will know the nature of the beast. This is when we will know that there is a dark side to it.

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So what do we plan to do with all this dead space. Maybe cities could transform it into Art galleries, indoor markets that support farmers, bakers, craftsmen and artisans by providing them with incentives. This may be a start of something new with the existing infrastructure. By letting it sit vacant for too long may bring it to its knees and crumble what is remaining. It may be an iconic building that we will lose along with a piece of history of that community. By opening it up to a community, it will create new jobs and transform lives for many in the community. As a result the community grows together.

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So what do we have to lose: An Eyesore and a Money pit. What do we have to gain: A New life that brings people together, transforms lives by creating employment and brings in growth to a dying community. Finally it bring in light to the building and supports all.



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