AI Issue 11 2017

Acquisition International - November 2017 9 The architecture of value: reaching the parts of the investment appraisal numbers can’t reach Get these places right and you sow the seeds for long-term premium value. For example, we don’t design low carbon buildings just for the sake of sustainability (laudable and important as that is). We do it because it resonates with our need to better ourselves, which sets up a positive psychological feedback loop that leads to other benefits. It need not cost more, but if it does, it is more than compensated by its value- enhancing virtues. Fig. 6 Low energy, mixed use pin tower for a pension fund, London The obverse is true. Get these places wrong and you will always be chasing the competition, unable to retain your users and unable to adapt to increasingly influential global trends. Any short- term success is likely to be quickly engulfed by vanishing value. Nudging architecture. Beyond the metrics Great buildings will always be about a great user experience. It is not a science. It can’t be. Like all investments, it is subject to volatility, uncertainty, complexity and ambiguity and so involves educated guesswork and experience. It will be founded on the issues that are the true source of value and not be driven by satisfying metrics that, by virtue of being measurable, give false confidence but in fact miss the point. In short, value must be designed in at the start of the conversation – it cannot be retrofitted. Architecture influences us whether we like it or not. It appeals to our emotions, keying into our Maslowian needs. Some spaces are dingy, cramped, badly laid out, while others sing to our souls, effortlessly fulfilling our functional needs. The more we apply what we know about the mechanics of this nudging, the more we can exploit architecture for beneficial ends, where consumer, user, community member needs are aligned with owners’, investors’ and agents’. Deeper value Design that creates authentic experiences that tap naturally into fundamental human needs is powerful, particularly the need to leave the world a better place for our children and enable the next generation. Doing so fulfils all the commercial needs for footfall, loyalty, staff retention, productivity, thinking, good health, happiness and word of mouth marketing – all those output values that are so important to different types of building users. And that makes focusing on the user experience a good business decision for the client. When construction projects are so long in the making and with a life that goes on for years after completion, it really pays to invest in good design. Over time, that life can either grow or shrink in value, and reinforce or detract from a brand. It all depends on designing to meet our most fundamental human needs. This is what the Global Excellence award judges meant when they said that Paul Vick Architects have a ‘refreshingly new’ approach to legacy: ‘Whether obtaining value for clients, interpreting clients’ architectural needs or always looking to make the cultural element relevant for today and tomorrow… the practice demonstrates a high level of flexibility and innovative thinking.’ “Get these places right and you sow the seeds for long- term premium value” Image: Paul Vick Architects