Linking Cultural Economy and Real Estate: Lessons from a Swedish Case

A Cultural or Creative Economy is said to be on the rise. This claim for changes in contemporary society is not new and the terminology can differ. Linkages to the cultural and experience based is however a joining feature. The question raised in this paper is the implications of this development for the real estate sector and its research agenda. Drawing on the establishment of an art gallery in the north of Sweden, as part of the transformation of an old regimental area, the potential and problems of linking the real estate sector and the cultural economy is discussed.Transitions in society are often described in terms of labels. History can give numerous illustrations. Nomads wandering transferred to the more permanent agriculture, is one such example. Much later follows the breakthrough of Industrial society and a variety of proposals for succession: Information society, Knowledge economy, or perhaps Creative economy. These transitions could be expressions of an over-emphasis of the new. The old way of living and economic exchange remains, after all, to a lesser extent. Similarly, what is described as new have often been around for some time. Following this, cultural activities have been essential part of societies for many years and often in ways that also made it possible to earn a living out of it. One decisive difference is however how the emergence of a Cultural or Creative industry today is described as a driving force for the entire society, making the approach appealing to policy makers. The researcher most of all associated with this line of thinking is Richard Florida and his discussion on the Creative Class. These creative professionals are attracted to urban centers and one link to real estate sector is hereby established. The importance is often examplified with how spectacular buildings such as the Opera House in Sydney or the Guggenheim Mueum in Bilbao have become icons for a new form of economy in these cities. But there is also a more down to earth connection where regions strive for cultural activities and property prices are driven by cultural values.