Does Pickle Ball mean higher real estate values?

The rise of pickleball, a popular sport that combines tennis and ping pong, is leading to the transformation of old big-box stores and mall anchor tenants into pickleball venues across the United States. These vacant spaces are well-suited for pickleball due to their large size and high ceilings. One example is a former Macy's store in Richmond, Virginia, which is being converted into a 12-court pickleball facility called Performance Pickleball RVA. The owners plan to create a high-end experience complete with lessons, tournaments, a pro shop, and a bar and restaurant. This project is part of a larger trend of repurposing declining malls, department stores, and big-box stores into pickleball facilities, driven by entrepreneurial enthusiasts of the sport. The retail apocalypse, which resulted in many empty retail spaces, has created an opportunity for the growth of pickleball. With 8.9 million pickleball players in the US as of 2022, the sport is considered the nation's fastest-growing. Companies like The Picklr are capitalizing on this trend by transforming former big-box stores into pickleball venues. The CEO of The Picklr plans to open 25 more locations this year and 150 in the next three years, targeting prime real estate left vacant by store closures. While there are challenges in repurposing these spaces, such as outdated facilities and lighting, the demand for pickleball facilities is high. Real estate agents are witnessing a "gold rush" of pickleball facility entrepreneurs competing to secure these spaces. Overall, pickleball's popularity is providing a lifeline for empty retail spaces, revitalizing them and offering a new recreational option for communities across the country. Read more https://commercialobserver.com/2023/05/pickleball-commercial-real-estate-new-locations/

According to the 2023 APP Pickleball Participation Report, pickleball, a popular sport that gained popularity during the pandemic, saw a significant increase in participation in the United States. Between August 2021 and August 2022, 14 percent of Americans, totaling 36.5 million individuals, played pickleball at least once. Out of those players, 8.5 million played pickleball more than eight times within that period, compared to an estimated 3.5 million players in 2019.

The sport has now made its way into the professional real estate world, with some brokers branding themselves as "pickleball realtors." Steve Hise, a broker with eXp Realty, is known as "The Pickleball Realtor" and even appeared on A&E's Pickleball Storage Wars, using his experience as a former professional player to appraise a set of paddles.

Pickleball's social and less physically demanding nature has attracted brokers like Jay Granieri from One Sotheby's International Realty. Granieri sees the sport as a networking opportunity and has hosted social gatherings with people from the pickleball courts, which has already resulted in potential client referrals.

The popularity of pickleball has extended beyond individual brokers. There is now a Pickleball Realtor Network dedicated to sharing rental and investment properties near major pickleball tournament venues. The network aims to advance the development of "pickleball communities" worldwide.

Even real estate industry organizations have started incorporating pickleball into their events. The Commercial Industrial Association of South Florida (CIASF) hosted its first annual pickleball tournament, attracting nearly 50 participants. The success of the tournament has prompted plans for it to become an annual event.

Overall, pickleball's rise in popularity has not only become a recreational activity for many Americans but has also created networking opportunities within the real estate industry, leading to potential business connections and referrals for brokers.