It's the news designers have been waiting for: Pantone, the global color authority, has announced its Colors of the Year for 2021 -- or should we say "colors"?
In the near term, the hot duo will consist of PANTONE 17-5104 Ultimate Gray (a soft gray shade) and PANTONE 13-0647 Illuminating (a sunny yellow). Ultimate Gray is said to represent the practical, resilient mindset the public needs during the coronavirus pandemic, while its sunny yellow counterpart is said to represent optimism for the future.
While the colors can be used individually, as a pairing, they not only look attractive but convey a soothing balance that lends to a host of environments. And that's something property owners should keep in the back of their minds heading into 2021 -- an uncertain year with hints of optimism to look to.
Getting in on the trend
Many property owners don't put much thought into wall or room colors. But actually, the right pairings could really help boost a property's aesthetic appeal.
Choosing optimal paint or carpet colors could boost real estate revenue in a number of ways. For one thing, it can add resale value to a property on the market. Additionally, it can help attract tenants, both in residential and commercial settings. A company looking for office space, for example, may be drawn to sleek, appealing wall and carpet colors over the usual drab backdrop found in commercial buildings.
From a cost perspective, adding color is a low-key, low-risk endeavor. Paint costs very little, for example, so property owners and landlords on a budget can still make a big impact without spending a ton.
Another thing to note about both of Pantone's Colors of the Year is that they're fairly neutral -- both individually and when combined. Though some prospective buyers and tenants might appreciate bold, statement colors, a safer bet for the masses is a pairing of simple, attractive colors that don't necessarily jump out at you but rather blend seamlessly into the background.
Keeping up with trends
Many property owners busy themselves with maintenance and repairs and don't necessarily focus on aesthetics. But keeping tabs on trending colors is important from both a resale and marketing perspective.
Does that mean landlords should change their properties' wall colors every year as Pantone makes its annual election? Not necessarily. But those whose properties could use a refresh would be wise to check in on color trends -- and perhaps incorporate some gray and yellow in the coming year.
Commercial landlords may especially benefit from going this route. Many companies are already considering keeping workers remote for the long haul, so offering them bright, appealing offices is a good way to get them back into buildings. And while home sellers hardly have anything to worry about right now -- residential property values have soared in the past few months -- a fresh coat of paint could pad their pockets even more by drawing in buyers.
Finally, noninvestors might consider sprucing up their homes with Pantone's Colors of the Year. After a tiring, devastating 2020, there's nothing wrong with starting the new year with a refresh.