Economy
Quality design and architecture generate economic value as well as assets and spaces that are more durable and distinctive, less expensive to maintain over the long term, have higher perceived value, and are thus more "profitable" or "efficient."* With quality of life having become a determining factor in choosing locations for talent and companies, design is a key element in the positioning and growth of cities.
How can design and architecture help generate greater economic benefits?
By contributing to the neighbourhood's prosperity
- Consolidating, complementing and diversifying the existing commercial offering and job sectors.
- Prioritizing local purchases and compact supply networks.
- Being mindful of the project's potential impacts on gentrification of the neighbourhood.
By enhancing the neighbourhood's attractiveness
- Making the local services network more attractive and drawing new types of economic activity to the neighbourhood.
- Repurposing or redeveloping existing assets to help enhance the perceived value of the neighbourhood.
- Providing affordable spaces to startup businesses or community groups.
By taking a life-cycle approach to cost-benefit analysis
- Using verified comparative design details that deliver a fair measure of profitability between initial investment, operations, maintenance, and long-term replacement.
By remaining trend-proof
- Using design details that meet both current and anticipated trends.
By providing opportunities for pooling of resources
- Emphasizing the sharing of spaces as well as material and human resources, which, along with social and environmental benefits, deliver improved project performance.
By emphasizing the quality of common spaces and services
- Capitalizing on experience-rich common spaces and services as drivers of increased use value for the project.
By incorporating energy-efficient technologies
- Integrating innovative technologies (e.g., cleantech, bioclimatic tech, automation), for which the return on investment is measured over the full life cycle: over both the short and long term.