OFFICE
Single tenancy, executive suites or office towers all have different merits and opportunities to yield strong returns in a tightened market.
REPOSITIONING OFFICE SPACE
The current reality is that office vacancy rates in major U.S. cities are at some of the highest levels in history and may remain so as the workplace is transforming to be an optional place to work and not a required place to be.
Converting a commercial building for residential use is not a new trend but is expanding to meet demand. Small and mid-sized urban and near-in suburban markets have experienced residential conversion trends a few times over the years.
MARKET CONDITIONS
Offices in dense urban center with strong housing demand underwrite better for conversion than industrial and warehouse
Cities and municipalities are embracing conversions to help reduce the needs for housing and continued expansion. NYC and LA have established agencies and earmarked funds for facilitating residential adaptive reuse.
STRATEGIC ADVANTAGES
Even with office occupancy under pressure and the current climate towards permanent workspace, office space is here for the duration, albeit under different uses.
- Reduced acquisition costs depending on the location
- Potential to convert and reposition for HD residential, medical or other use based on local economics and need
- For leasing purposes, reduced term length and increased TI
OFFICE OPPORTUNITIES
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