The trend of converting office spaces into residential units is gaining popularity, with Phoenix being in the top 10 leading metro areas for this trend. “Placemaking” is essential for turning these spaces into lively community centers, as many of these vacant buildings have had a negative or at least neutral impact on their surrounding communities. Research from The Creative School at Toronto Metropolitan University indicates that incorporating placemaking elements can increase foot traffic and exposure. People are more likely to spend time in places with public art and share information about the locations when placemaking elements were introduced.
Source: https://inbusinessphx.com/commercial-real-estate/importance-of-placemaking-in-conversion-properties
