If we want to increase the functionality of facilities, as well as the convenience of their use, it is worth deciding on their revitalization. By developing an effective project and carrying out certain activities in the field of construction, you can even assign them a completely new function.
All this means that more and more investors are deciding to buy old buildings and reactivate them. Especially since they are very often very well located and already have partial infrastructure. What is real estate revitalization and why are local governments also willing to cooperate with investors in this matter?
What is revitalization?
The concept of revitalization usually refers to specific areas of a city. It consists of activities that are to help bring them out of a state of crisis. These are primarily renovation works, but also the development of communication, new plantings or the removal of phenomena that caused the degradation of the area. The aim of revitalization is to bring it back to life (revitalization), as well as to supplement it with new functions. It can also have a social aspect.
Real estate itself may also be subject to revitalization. However, it is more common to talk about their reactivation. Real estate revitalization involves preparing a new project that will increase its attractiveness, among others, in terms of running a business, renting, or improving the comfort of life of residents .
Real estate revitalization may include a general renovation, extension or reconstruction of an existing building that is currently not in use. Revitalization can improve its functionality and visual reception, making it an investment that is definitely worth considering.
You may be interested in: Real estate market – primary or secondary?
Orange regularly organizes conferences on the reactivation of buildings, where you can learn what is behind it, how to calculate the costs of this type of investment, and how to create projects that are attractive both to the investor and the local government.
One of the last ones was the Reaktywacja Nieruchomości Poznań 2024 Conference , organized in cooperation with the Poznań City Hall.
What properties are suitable for revitalization?
In both smaller and larger cities, you can find many once forgotten properties which, thanks to revitalization, have now become popular rental properties and serve as, for example, modern office buildings, apartments or shopping arcades.
For reactivation, it is best to choose a property that is located in a popular location and requires the least possible interference. When buying real estate intended for revitalization, however, you can even decide on a complete reconstruction and change of function. First, you just need to make sure that the spatial development plan allows for it.
Read also: Investing in a hotel. Which property to choose?
The buildings available in Orange's offer are excellent properties for revitalization. Most of them used to be office buildings and telecommunications centers. They are currently not in use, but that does not change the fact that they still have huge potential.
Many Orange properties have already been reactivated, and as a result, they are now operating successfully as office and retail facilities, hotels, and even student dormitories and residential buildings. Such investments can be found in Gliwice, among others.
It is worth remembering that the reactivation of buildings is also beneficial for local governments. After revitalization, real estate often attracts new investors to cities. Moreover, as a result of the reconstruction, they gain an attractive appearance, which translates into a better visual reception of the space in which they function.