“Escape Rooms” and their future in Real Estate
Escape Rooms have been popping up all over the world in the last 10 years. A business that was developed by Japanese Takao Kato in 2008 started in Kyoto, and has become an exciting part of so many cities across the globe.
Inspired by 1980’s point and click video games, Escape Rooms lock a group of players in a room where they must face the daunting task of solving different puzzles and find different clues that are linked one to the other. Groups ranging from 5-15 depending on which Escape Room you visit have 60 minutes to use their wit and problem solving skills to solve the puzzles and escape.
What’s interesting about this business is that they are taking unconventional retail spaces such as basements, old churches, schools, etc., and transforming them into immersive team building experiences for adults and teenagers. Not only are they finding use for sometimes difficult to lease spaces, but their business is booming! The first Escape Room that opened in the Pacific Northwest U.S., had an investment of $7.000 and the gross in 2015 was over $600.000. Another famous Escape Room in Dallas, Escape Expert has monthly revenues of $70,000. There’s no doubt that this business has tapped into a new facet of entertainment that consumers didn’t even know they wanted. Philadelphia can’t seem to have enough of them. Philly is home to 23 escape rooms and each one is vastly different, providing a new experience “Room” to “Room.”
Breathing life into seemingly unwanted real estate, Escape Rooms might be a Brokers new best friend and a perfect prospect for those listings that most businesses find undesirable.
Written by PRG new Associate, Jenna Pinchbeck
Connect with her on LinkedIn: Jenna Pinchbeck