My spouse and I have made it our steadfast goal to explore and experience all 50 states on a personal level.
We have set a strict criteria for our adventures. Merely passing through an airport does not count towards our goal. We must physically step foot on the ground and spend a minimum of one hour in each state.
Our preference is to travel by car, immersing ourselves in the countryside rather than sticking to major cities and tourist hotspots.
Reflecting on our recent journey through the captivating state of Montana, we were deeply moved by the profound lessons it offered. Its breathtaking landscapes and untamed spirit were like a tapestry of wisdom woven into our experience.
But Montana is not just a source of personal inspiration. It holds valuable insights for the world of commercial real estate. In this column, I invite you to join me on a journey where we will explore the unique characteristics of Montana and discover the hidden treasures that inform and inspire our approach to this dynamic field.
Embracing sustainability and integrating with nature: Montana’s commitment to preserving its natural beauty serves as a blueprint for us. By embracing sustainable practices such as green building designs and energy-efficient technologies, we can enhance the value and appeal of commercial properties.
Addiitonally, the integration of outdoor spaces and recreational amenities has the potential to create vibrant commercial areas that attract both tenants and customers.
Navigating frontier markets: Montana’s vast and rugged frontier presents a unique learning opportunity for commercial real estate. Similar to the copper kings of the late 1800s who recognized the growing demand for electricity, we too can identify promising opportunities in emerging markets.
Factors such as infrastructure development, transportation networks, and economic diversification, alongside the challenges of limited resources, market access, and tenant attraction in sparsely populated regions, uncover valuable investment opportunities.
Building local connections: Montana’s strong sense of community and close-knit social fabric teach us important lessons about fostering connections in our profession. Engaging with local stakeholders, understanding community needs, and incorporating their perspectives into commercial property development is essential. By building relationships with local businesses, organizations, and residents, we can create mutually beneficial partnerships and contribute to the overall success of our projects.
Harnessing the power of tourism: Montana’s thriving tourism industry provides a captivating case study for understanding the impact of visitor economies on commercial real estate.
Here in Orange County, tourism is also a significant factor with attractions like Disneyland, Knott’s Berry Farm, professional sports teams, world-class restaurants, shopping, and beautiful beaches attracting millions of visitors annually. It is important to consider how tourism-driven markets influence property values, rental rates, and occupancy levels.
Exploring Montana goes beyond the act of travel. It opens our eyes to transformative insights that shape the world of commercial real estate. From embracing sustainability and harmonizing with nature to navigating frontier markets, building local connections, and harnessing the power of tourism, Montana’s lessons propel us forward in new and exciting ways.
Allen Buchanan is a principal and commercial real estate broker at Lee & Associates, Orange. He can be reached at 714.564.7104 or [email protected].
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