How Real Estate Developers Can Utilise Temporary Spaces
At Star Live, we understand that real estate developers may want to take advantage of spaces that will be vacant or underutilised for a short time. Temporary spaces offer real estate developers the opportunity to experiment with innovative ideas, test market demand, and activate areas that might otherwise remain dormant. By leveraging temporary spaces, developers can create value, generate interest, and gather feedback from communities before committing to long-term development plans.
Star Live’s experience and expertise make us a great partner to help real estate developers realise their temporary plans. With temporary structures that help real estate developers solve their issue of capitalising off of vacant areas that can only be used in a short period. Star Live can provide innovative solutions to an increasingly important issue affecting real estate developers.
Temporary Spaces That Can Be Utilised
Developers have plenty of opportunities to revitalise underutilised spaces, such as brownfield sites, vacant lots, temporary spaces, and adaptive reuse projects. By repurposing brownfield sites, developers can contribute to neighbourhood revitalisation, create new employment opportunities, and enhance environmental sustainability as well as create revenue for themselves. Similarly, vacant lots in urban and suburban areas can be transformed into community spaces or commercial developments, creating new gathering spaces for residents. Temporary spaces, like pop-up shops and art installations, offer developers a way to test market demand and gather community feedback, while adaptive reuse projects celebrate the unique character of existing historical structures while minimising environmental impact and, all the while, still providing opportunities for revenue generation.
Temporary Structures That Can Solve the Problem
Pop-Up Shops
One popular way to utilise temporary spaces is by hosting pop-up shops. Retailers, artists, and entrepreneurs are often looking for short-term spaces to showcase their products and ideas. As a real estate developer, you can capitalise on this demand by using vacant or underutilised spaces or through adaptive reuse (a process by which existing structures can be transformed into new structures for temporary use) to set up pop-up shops, art exhibitions, and other venues. Not only does this generate income, but it also brings foot traffic to the area, potentially increasing the visibility and desirability of any long-term property that is eventually built in the space.
Star Live has extensive experience in creating pop-up structures. In fact, we have assisted in setting up a pop-up hospital, the Dragon’s Heart Pop-Up Hospital, which featured a 2,000-bed field. This initiative was designed to alleviate the pressure on the NHS during the Coronavirus pandemic.
Event Spaces
Temporary spaces offer real estate developers an opportunity to host concerts, food festivals, corporate gatherings and more. By repurposing vacant lots or buildings, developers can generate revenue from event rentals and attract diverse audiences to the area. An example of this would be when we provided Bourne Leisure, the operator of Haven holiday parks, with a temporary show bar and event space for guests to enjoy while their permanent show bars were being refurbished.
Wellbeing centres
By transforming temporary spaces into well-being centres, real estate developers can generate revenue, contribute to the health and well-being of the community, and create a unique selling point for their properties. This approach aligns with the growing emphasis on holistic wellness and can attract potential tenants or buyers who prioritise a healthy lifestyle and work-life balance.
We once installed a pop-up gym for Edgbaston Priory Club that replaced their main studio while it was being renovated. This meant that the facility’s members were able to continue their classes at Edgbaston Priory Club.
With 40 years of providing high-quality, rapidly deployable solutions, our team can assist you in implementing temporary structures for your needs. Contact us so we can have a chat about realising your construction goals.