The Impact of Art on Value

Sep 20, 2021

The Impact of Art on Value

The luxury condos of Atlanta that are fortunate to stand in walking distance of the Midtown Arts District demonstrate the value of art to real estate and economic development. The connection between art and economic development goes way beyond speculation, and a Creative Vitality Index has been developed that establishes that relationship with certainty in both correlation and regression analyses.

Born to Create

Originating as a crossroads, Atlanta was always in a good position for creativity. As the economy is composed more and more of knowledge-based businesses and creative enterprises, the fact that creativity is in our DNA pays off more and more as time goes on.

Research today is verifying what wise people have known for centuries. Where ideas converge, invention and enterprise flourish. It’s not just a gathering process; people exposed deeply to different ideas actually perform more creatively. The combination of divergent thinking and convergent thinking that occurs here is tailor-made for innovation and progress. The impact on Atlanta real estate, and particularly on Atlanta Midtown condos, is real.

Influence Both Direct and Indirect

Art plays a role in the scalability and the long legs of Atlanta’s growth in value. Not only is our city based on the strength of a wide range of industries, but we also count among them what might be called a “source industry.” Art is a breeding ground of ideas and passions and skills that can both drive and serve the inevitable changes that come with progress.

As an element of the economy, art itself has several advantages, including that it is inherently local, can’t be outsourced, attracts tourism dollars, and activates other elements of the economy such as fashion, cuisine, publishing, entertainment, and digital design – all important elements of the Atlanta economy. For example, would Atlanta have surpassed L.A. in film and TV production dollars if not for the presence of creative people who offer the profusion of skills that movie making requires?

The value of Atlanta high-rise condos gets unexpected benefits, too, from the impact of art and artists. Cities with active arts and culture organizations are seen by their residents as safer, for example.

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