Why nighttime economy?
This interview with Sydney, Australia’s Michael Rodrigues is rich with insights about any city’s nighttime economy.
In particular, for our friends in commercial real estate, Rodrigues issues a challenge we echo.
The going out experience is affected, he says, “If your rental models don’t allow for incidental experiences to take root”
In other words, re-think the uses of your ground-level leases and fill those vacant spaces in innovative ways that may not be about top-dollar rates.
Otherwise, districts will die, the value of your property investment will decrease, and the tax base of your cherished town or city will be displaced.
We might add, however, that municipal governments could help by rethinking permits and certificates of occupancy. But only if they want to retain economic vibrancy.
Photo courtesy of Destination NSW