8C — July 12 - 25, 2019 — Southern Pennsylvania — M id A tlantic
Real Estate Journal
www.marej.com
S outhern P ennsylvania By Daniel Spiegel, Coldwell Banker Commercial Microbreweries Quench a Thirst Across the U.S.
A
s the summer sun starts to heat up the coun- try, Americans have
Just as consumer tastes for ar- tisan breads and locally sourced dairy products is creating a boon for local farmers markets, a taste for locally made brew is boosting communities. Microbreweries In Smaller Communities Breweries aren’t just prod- ucts of the Pacific Northwest; they have quite a history in secondary and tertiary markets across the country, which con- tinues to this day. During the 1980s small breweries popped up in Iowa, Arkansas, Oregon and Vir- ginia. It wasn’t until 1990
that Sierra Nevada Brewery, the first craft brewer, moved into the big leagues. Today, cities like Phoenixville, Penn- sylvania, which has the most breweries psf 2 of any city in the country, are bringing bragging rights to secondary metropolitan areas. Brewpubs Bolster Cities And Drive Employment Breweries and brewpubs are draws to downtowns in smaller communities and part of the economic vitality of an area. For example, the three breweries in the city of Fredericksburg, Vir- ginia, host regular community
events and provide significant tax revenue for the local gov- ernment. “Our three brewer- ies are wonderful amenities for the city of Fredericksburg, enhancing our sense of place, community cohesiveness and overall economic vitality,” said Bill Freehling, the city’s direc- tor of economic development and tourism. Another great example is in Chico, California, where Sierra Nevada Brewing Company is widely credited with spawning the craft beer movement. “Si- erra Nevada is the anchor of our economic stability,” said Chico
City Manager Mark Orme. “The company plays a pivotal role in our community, not just as an economic driver, but also as a model for sustainability and best practices.” “Their impact is huge,” said Economic Development Man- ager Chris Constantin. “Sierra Nevada sources products locally and the result is an economic multiplier effect that ripples through the community.” The legend of Sierra Nevada Brewing has many other brew startups seeking their fortunes. “We now have a brewery dis- trict,” said Broker Associate Mike Donnelly of Coldwell Banker Commercial DuFour Realty. “People like to take their growlers and fill up lo- cally, it’s very sustainable.” Real Estate Implication Brewpubs and microbrewer- ies offer communities a variety of economic benefits. The attrac- tion to craft brewing facilities is part of a broader trend toward artisan foods, and they satisfy the demands of millennials who value experiential retail includ- ing food and beverage estab- lishments. A 2019 University of Toledo study found that the presence of a craft breweries increased the value of both con- dominiums and single-family homes when located within half a mile, using a neighborhood of Charlotte, North Carolina, in the case study. 3 The craft brew movement is the steam powering the engine in many communities and local real estate markets across the country, and it’s proving to be a growth opportunity for urban markets and small cities alike. If you’re interested in finding commercial property in your city, contact your local Coldwell Banker Commercial office. Daniel Spiegel is the man- aging director of Coldwell Banker Commercial where he oversees the strategy implementation and daily operations of the franchise systemof approximately 125 offices and more than 2,000 commercial real estate pro- fessionals. Sources: https://www.statista.com/ statistics/382074/us-per-capita- beer-consumption/ 1 https://www.phillybeerworld. com/column/downtown-phoe- nixville-more-breweries-than- anywhere/ 2 https://phys.org/news/2019- 03-craft-breweries-residential- property-values.html 3
many ways t o q u e n c h their thirst, from sodas to designer wa- ters. A visit to the ball- park o f t en doesn’t seem t h e s a m e
Daniel Spiegel
without a hot dog and a cold beer. While per capita sales of beer have fallen 12% from 2009 1 levels, the number of craft breweries has exploded.
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