The biggest thing at the museum these days isn’t the latest impressionism exhibit or photography talk. It’s the real estate surrounding the museum building that’s generating buzz.

A number of cities around the globe have discovered that a new museum or arts district not only revitalizes downtowns, they improve real-estate values as well. Home buyers are drawn to the buildings’ bold architecture, as well as the rotating exhibits, guest lectures and attractive indoor and outdoor common areas.

What’s...