'Developers must recognise the power of CapEx in placemaking'

One time investments for long term gain.

In the midst of an ongoing economic crisis, developers are understandably cautious about how, when and where to invest. This is where Capital Expenditure, or ‘Cap-Ex’ comes into play, whereby organisations invest in the longevity of their business or space, with lasting impacts of four years or more.

Whether it be permanent light installations or new technology, we have noticed an increase in developers making one-time purchases for long-term gain – focusing on innovative and purposeful design that will enhance the environment for years to come.

By upgrading facilities, modernising interiors or enhancing the overall aesthetic of their space, property developers can contribute to the vitality of a space. In turn, creating an attractive and meaningful environment that?increases attracts businesses, residents and visitors for years to come.

Ultimately, investing in the future of any space is key for remaining competitive in an ever-evolving market.

Take Spitalfields Market, for example, where We Are Placemaking installed a permanent, site-wide lighting scheme in November 2023. The installation had to fit with the company’s Christmas scheme and compliment existing architecture, but the overarching aim was to create a timeless design that could be enjoyed all year round, for years to come – increasing the value of the estate, drawing visitors to the market, increasing dwell time and boosting social media presence with photo opportunities.

The scheme included 67 bespoke lighting fixtures that were installed across three central area. This included down lights with bespoke brackets that were attached to the existing structural columns, as well as the ‘hero moment’ – larger than life lights bulbs displaying an array of colours and shades.

Developers can work with producers to ensure investments are not only worthwhile and longlasting, but financially and environmentally considerate. At Spitalfields Market, lighting was programmed to only switch on during opening hours – saving power consumption and costs. Careful design also ensured the fittings remained aesthetic while switched off.

Overall, the lighting benefited 1.8 million people who visited between November and December alone. By recognising the importance of investing in permanent placemaking installations, and strategically allocating resources to capex investments, developers can attract visitors, increase footfall, and drive economic growth in their spaces – investing in the now, and the future.

The Power of Placemaking is We Are Placemaking’s campaign to highlight the value of placemaking for people, places and communities, and how best developers, BIDs and other organisations can celebrate their spaces. Get in touch to find out more.

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