60 percent of the most winning MLB teams have stadiums built before 2000. With construction costs rising, renovation is the solution.
- Rather than engage in pricey new construction, with 1.0 percent YoY cost growth in most markets, many historic ballparks are including new amenities to appease fans, including pools, party bars and gourmet restaurants.
- Loyal fans are willing to pay a premium to see a top team- the average family will shell out $335 to see the Red Sox. This provides clear opportunity for retailers and restauranteurs that invest in ballparks.
Source: JLL Research, Daily Beast