Real Estate Ancillary Revenue can take the forms of mulitple different streams. One lucrative revenue stream is advertising. Yes, I've discussed this topic before. However, does anyone know what their walls are actually worth? Property managers are challenged with tenant signs, vendor signs, etc... on a daily basis.
What if a media company approaches you about placing a wallscape (billboard on a building wall) on the side of your building. Wallscapes can be interactive, static or digital projections. If a wall can be seen by thousands of people per day, odds are that it has appeared on the radar screen of a billboard or out-of-home media company.
Take a look at this interactive wallscape that was done in Columbus, Ohio for Nationwide Insurance. Not only were the building walls used, but the parking lot was incorporated into the message as well. This is one of the best wallscapes I've seen as it conveys a strong message and is undoubtedly memorable.
Wallscapes or spectaculars (as known in the media world) can take many forms as you can see. Solid walls aren't the only canvasses available. Messages can be incorporated into windows, furniture, staircases, etc... If you have a creative mind you can propose placing messages on any surface. Also, because this advertising type can generate significant media attention, the revenue potential is also significant. In some cases, annual rents can equate to several long-term tenant leases. While this gets some attention to your building, there is little or no impact to the building itself. Any windows that would be covered, are still usable by tenants. Most of the time, tenant employees won't be able to tell that a sign is "pasted" on their window.
Therefore, I ask the question. What are your exterior walls worth?
The real question is what are the walls worth to an advertiser? Keep in mind that the most valuable walls are those facing as much traffic as possible such as a highway, but most cities and municipalities restrict if not ban this type of out-of-home advertising depending on zoning.
ReplyDeleteZoning will always be an issue. However, creativity spurs productivity. While this particular spot may not be available to everyone, everywhere, the concept is. Building owners need to discuss with advertisers as well as their municipalities on what can be done on their walls to generate revenue. Some cities will "relax" restrictions based on the message and venue used to convey it.
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