In Richard Florida’s book ‘Creative Class’ he identified eight factors of place:
Thick labour markets: a large body of people involved in a variety of creative work where people meet serendipitously and create connections.
Lifestyle: Ease of access to the things enjoyed in leisure time.
Social interaction: A range of interesting people isn’t enough, communities require an amenity for people to meet, permission for the orderly gathering of people and organisations that create or facilitate networking events.
A mate: Location dramatically impacts the difficulty of this, in China for example there is an estimated 54 million more men than women.
Scenes: Classical music, jazz, movies, food, wine, comedy, sports, arts and culture. Groups of people will gravitate around shared interests or activities.
Identity: We all have one – several in fact – whether we like it or not. When travelling overseas one can be Australian, when travelling in Australia people are from their city and when in that city people are from their suburb.
Diversity: Intrinsically linked to diversity is tolerance. People feeling accepted for who they are without judgement.
Authenticity: Creating, curating, and maintaining something that is genuine and fundamentally unique.
In the context of commercial property, the eight factors of place can help form a savvy location analysis and strategy by the consideration of how many can be found in a given location or property. As the lines between work, rest and play become increasingly blurred, the built environment has more purposes and factors of place to deliver.
Owners, investors and occupiers of buildings must understand how a building integrates more completely with the lifestyle of its users and its place within the neighbourhood/community.
To learn what’s next for location strategy, contact Tony Crabb, National Director, Research.
Read more of Cushman & Wakefield’s Futurology series, click here.