Commercial Property Investor Podcast Scarcity: You Can't Build Old Commercial Buildings
In this episode, I'd take the opportunity to share my love for older buildings and how they can be recreated to provide very inspiring workspaces. I talk about the controversy surrounding the Marks and Spencer building on Oxford Street in London, which was slated for demolition to make way for a new glass tower. There are arguments for and against preserving older buildings, but the super important issue from an investment point of view is the finite supply of historical spaces and the growing demand for quirky, grounded, and emotionally resonant environments.
KEY TAKEAWAYS
- Older buildings have a unique charm and sense of history that cannot be replicated in new constructions. They a sense of wonder and curiosity about their past uses and alterations.
- Older buildings offer a finite supply of space, unlike new constructions that can be replicated. This scarcity can make them highly desirable, especially in areas where there is a growing trend for historical and quirky spaces.
- Enhancing and bringing value to older buildings is crucial for their sustainability. They need to generate income to cover maintenance and reinvestment costs over the years.
- While not every older building is worth preserving, once a building is demolished, it is gone forever. It is important to carefully consider the environmental impact and potential for reinvention before deciding to demolish and rebuild.
BEST MOMENTS
"They don't build them like that anymore."
"The resource is finite."
"You can't build an old building, but you can always build another glass tower."
"You can't build properties with history and life. It only comes from reinventing and enhancing the past."
"A big glass tower may take time to procure, but you can always build another. You just can't build another 200 year old warehouse."
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