Can Third Place Developments Fill Our Vacancies?

What is a THIRD PLACE?

The term “third place” has infiltrated our market as a space to be in that isn’t - 1) our home, or 2) our office…it’s our third place: a place to socialize, be creative, relax, meet and entertain.

Third places are popping up everywhere from Washington DC to Denver. New Orleans is getting their very own third place in the development of the Common House in the Warehouse District offering a myriad of amenities from a rooftop pool to a coworking space, with other spaces mixed in like a lounge, gym, short term rentals, long term rentals and a cafe.

During a PRC Beams and Brews event, we explored the venue, sparking contemplation about how such spaces could enhance the vitality of our downtown areas. This reflection gains particular significance amidst the post-COVID exodus from downtown buildings.

Can Third Place fill our vacancies? We think it can and here’s how we would do it…

Create Exterior on the Interior

We would plant gardens and vegetation along the south facing exterior wall. This garden could have a walking path for mid-day exercising or walking-meetings. Our well-being is tied to accessing natural light and our connection to nature. We need to pull this aspect into our interiors especially when several hundred feet above the ground.

Hotel Rooms and Group Stays Can Contribute

Raising occupancy rates would not only boost financial gains but also enhance the appeal of a social hub by fostering a more diverse community. Investing in amenities like a gym, restaurant, and meeting rooms, which are frequently utilized by members, can be offset by a steady stream of occupants from these rentals.

One-of-a-Kind Spaces and Experiences

Taking the “cookie cutter” out of the equation may require planning and design, but the trade off is a place worth visiting and a place worth staying. Income-producing spaces have several things in common but nothing more valuable than simply being a place where people want to be.

Incorporate Experiences That Minimize Pain Points

Just throwing a few out there free for the taking. Here are a few more ideas that can really elevate your third place business:

Daycare

Training Rooms

Nap Pods

Parking (or provide shuttle service)

Concierges (or provide on-site assistant services)

These thought exercises can be done with almost any vacant building waiting to be developed.

Third places were a great way to extract value from places throughout history that we’ve only recently lost as a part of our society with the way we now build cities…