Abstract

This study delves into the significance of temporary uses initiated by non-profit entities in vacant real estate assets, with a particular focus on the diverse benefits arising from community management. Certain non-profit entities serve as intermediaries between urban communities and property owners, facilitating the temporary utilization of real estate. Through these initiatives, a variety of activities are activated, thereby enhancing community engagement, social cohesion, and local initiatives. However, traditional valuation methods often fail to fully capture the values derived from such endeavors, which encompass social, cultural, and environmental dimensions. To address this gap, the research employs a methodology that blends qualitative assessments with quantitative analyses to comprehensively evaluate the value of experimental temporary uses. By integrating qualitative assessments such as community impact evaluations and stakeholder engagement with quantitative metrics like economic impact analysis, a more holistic understanding of the multidimensional value of these temporary uses is attained. The beneficiaries of these values are diverse, spanning various sectors including the local community, residents, businesses, and policymakers. Community-driven initiatives significantly contribute to social cohesion, cultural enrichment, and environmental sustainability, thereby enhancing the overall quality of life in the neighborhood. Businesses may experience benefits such as increased foot traffic and heightened consumer engagement resulting from community activities. Policymakers and urban planners can leverage insights from this study to inform decision-making processes, urban development strategies, and policies that acknowledge the pivotal role of temporary communities in creating value from vacant spaces and revitalizing neighborhoods. Through the integration of diverse perspectives and valuation techniques, this study aims to explore the multiple outcomes of community-managed temporary uses in vacant real estate. Understanding and quantifying the multidimensional values generated by non-profit-led initiatives can inform policy decisions, urban planning strategies, and real estate development practices to recognize the agency of temporary communities in creating value from vacancies and enhancing the neighborhood.