Here’s a new term that will either become a permanent part of the corporate real estate vernacular, or one of the buzz words that hangs around for a while and then fizzles: placemaking.

Whether or not the term sticks, we think the concept already has.

“Forget commuting into a central business district. Workers don’t want the daily slog of a long commute. They want to work and play in one place: their local community,” says this new post in Inc. Magazine.

“The idea of place-making began in the ’60s as a concept for urban planning and an initiative to bring a sense of identity and atmosphere to a pedestrian area.”

We know that co-working is one of the biggest trends in our profession. What’s also interesting is that tax policy may be giving it an additional boost. According to the article, since January 1, 2019, corporations are required to list leases of more than 12 months as liabilities on their balance sheets. This is leading them to pursue other options.

And placemaking may be the next iteration:

“It enhances all the aspects of a location–the aesthetic beauty of a park, the ease of walking via wide sidewalks, improving pedestrian movement patterns with sculptures and planters or strategic lighting, added seating, interrelated vendors and retail–to make it more desirable. The area becomes “The Place to Be,” greater than the sum of all its individual elements, and more valuable to the community as a whole because of it.”

See more about this topic from the March issue of The Leader magazine