The Arts are not generally considered as a major player in commercial real estate, but perhaps, that needs reconsideration. This is a $70M industry in Seattle. For example, “Hamilton” drew 138,653 people to the theater in its six-week stay. They came from all over to see this production. Many stayed in hotels, ate in restaurants and made the show a part of an experience in the city.
The long term impact on commercial real estate of the arts and in the context of the burgeoning tourist industry in conjunction with the multi-billion dollar expansion of the Convention Center, portend well for downtown as well as regional commercial real estate going into our immediate and long term futures.