Architecture and architectural artefacts have long been considered essential components of a distinct environment. They were a powerful illustration of the civilization’s achievements and reflected the pinnacle of engineering and aesthetics at the period. But during the past few decades, a noticeable change occurred. In addition to reflecting the present, architecture has developed into a tool for optimizing a space’s economic potential. Despite being dull, architecture plays a significant role in marketing strategies.

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The Relationship between Economy and Architecture 

Architecture and economics go hand in hand, and each building’s design has a direct bearing on the prosperity of our towns. Speaking the official language of each of the numerous specializations is crucial since architecture as a profession serves as a bridge between them.

Architecture today encompasses more than only the creation of monuments and acts of aestheticism. The demand for land as a resource is soaring due to the tremendous strain of the expanding population. As a result, each type of construction on a valuable plot of land comes with the additional duty of maximizing the property’s economic potential. The link between architecture and the local economy means that new construction may be a reliable predictor of financial trends or changes in the area.

The Skyscraper Effect is a highly intriguing theory illustrating how architecture forecasts economic movements. The “skyscraper index,” first used by economist Andrew Lawrence in 1999, demonstrates that a region’s highest buildings are consistent with a subsequent business slump. These constructions are approved and built during times of economic expansion and since they are such a resource drain, the market has frequently fallen by the time they get completed.

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The United States Great Depression began soon after prominent structures like the Chrysler Building and the Empire State Building got destroyed. Similarly, the opening of the World Trade Center in New York, the Petronas Towers in Kuala Lampur, and the Burj Khalifa in Dubai all heralded a time of market letdown. Even if this index is not entirely correct, the possibility, that design may negatively impact a region’s economy further puts a duty on both our policymakers and the architects.

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Skyscrapers serve as a visual representation of the modern urbanization that has engulfed the globe. Additionally, they provide the locals a sense of pride and belonging and act as a multifunctional area for growth on several fronts. Although these are significant, there are other ways that architecture improves the economy. 

Space Branding

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Creating an instantly identifiable setting that advertises emotional states and impressions and blends in with the scenery is the process of turning architecture into a brand. It ought to be able to elevate a city’s often unimpressive appearance into a majestic vision. Some of the best examples of cities that used space branding as a strategy to boost their economies and forge a distinctive character include Bilbao, Shanghai, and Dubai. This procedure entails re-imagining a location in a way that gives it a distinct personality and fresh significance. This extends beyond the early historic development of many places, which was overshadowed by the standard building practices that are now the norm due to globalization.

Tourism

The necessity for upkeep and restoration of historically significant structures started with tourism. In this situation, urban retrofitting or redevelopment is a common technique that entails historically correct character restoration that allows the structure to be utilized as a completely distinct area. In India, where our massive forts are currently being renovated to serve as luxury hotels or destination wedding venues, this is a fairly typical practice. Giving visitors from all around the world a chance to experience the splendour of monarchy firsthand boosts the building’s income and ensures that it receives the accolades it deserves. The tourist industry is utilizing the hyperlocal characteristic of architecture to increase revenue.

Consumerism and Corporate Architecture

In the contemporary capitalist environment, every brand worth its salt must have the ability to influence consumer behaviour. Advertising strategies have been successful in getting individuals to focus on desires posed as requirements. Architecture must adapt to support and be a part of this lifestyle, especially in the public realm. Outdoor spaces in a city or town should promote a sense of belonging, excitement, and joy rather than fear and claustrophobia. Architecture has to be pushed as a brand unto itself in the age of virtual reality, and consumer interest in it needs to be encouraged.

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Corporate architecture is a phenomenon that exposes and expresses the fundamental marketing principles of a company or organization to set it apart from the competition and improve its competitiveness. At the moment, the intricate process of creating corporate identities of the corporations involves architecture significantly. The creation of so-called “theme objects,” which are often held by businesses, allows for the presentation of the history of branding and the evolution of its iconic items. Such architecture must be distinctive, expressly associated with a brand, and attest to the high calibre of the items produced by that brand.

References

Architect. 2022. Building Neighborhoods that Build Social and Economic Prosperity https://www.architectmagazine.com/project-gallery/building-neighborhoods-that-build-social-and-economic-prosperity-6389

Narvez, L., Penn, A. and Griffith, S., 2015. The architectural adaptation of urban economic life: Location, use and form of the commercial-residential building in Cardiff. https://www.researchgate.net/publication/298226445_The_architectural_adaptation_of_urban_economic_life_Location_use_and_form_of_the_commercial-residential_building_in_Cardiff

Piatkowska, K., 2012. Economy and architecture. The role of architecture in process of building the economic potential of space.

RTF | Rethinking The Future. 2022. How Architecture Affects The Economy – Rethinking The Future https://www.re-thinkingthefuture.com/rtf-fresh-perspectives/a406-how-architecture-affects-the-economy/

Author

Gargi is strong willed, sure of herself and fiercely moral. Whether it’s taking on a challenge at work or striking up a conversation with a friend, she can always be counted on to make the courageous move. Gargi’s drive to create and inspire fuels her every move - at work, with friends and at home. Whether she’s involved in artistic pursuits or problem solving at the office, her creative side always backs her up.

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