Stephen Gammer, CRE Advisor’s Post

There is no doubt about it: Central Ohio office construction has slowed. Why? And what does it mean for the future? We've got all your answers in this week's cover story. #office #development #Columbus

Great article on some of the challenges and things to consider for office conversion. We haven’t seen many office conversions to this point in SWO but with the downtown office vacancy rates, it’s been something that has been talked about a lot. Not many buildings are ideal candidates and a lot of due diligence is required.

While incentives and policies for office-to-residential conversions continue to happen, some office landlords are considering demolition as another quicker, less sustainable option. In other areas of the country with less government support, many are turning to demolition as a more immediate solution. Read on to hear from architects and developers around the world as well as RKTB's.

Couple of examples of successful office to residential conversions in this article. This continues to gain momentum as an alternative use to redundant buildings. #officeconversion #renovation #construction https://lnkd.in/eBbuBzg2

Maybe it's the recency bias of multiple cataclysmic events but I've been surprised how quickly whole sector demand can evaporate, e.g. office in the pandemic; studios leading up to and during the strike. Such macro-level events can make buildings undesirable overnight despite being built to last 100 years. After converting industrial to studios for several years AND since we're now working on an incredible office-to-residential project (more on that later 😉), we at The Cooperative LA see first-hand the challenges with building floorplates and utility infrastructure complicating a building's pivot to new uses. Unfortunately, a building code limiting floorplate dimensions just seems like one of those moves that would backfire with unintended consequences. Additionally, I don't see developers overbuilding on infrastructure to make it easier for a future owner to one day convert the whole building use. I believe the problems with converting buildings will not get easier. However, they will get more efficient as more and more expertise gravitates to these conversions and the construction community's best builders continue to execute them. #ConstructionIndustry #Development #AffordableHousing #OfficeToResidential #LosAngeles

Learn the pros and cons of pursuing an office-to-residential conversion project, from opportunities to build in high-demand neighborhoods to higher upfront costs: https://hubs.ly/Q02rZbsP0

Vacancy Edges Higher as State Relocates into New Construction The #Sacramento #office market continued to be impacted by the State's plan in place prior to the pandemic to move out of leased space into its own new construction. In Q3 2024, the market #vacancy rate increased 40 basis points to 21.3%, its highest level since Q2 2012. Net #absorption was driven down to -227k SF, but would have been positive without the State vacating 278k SF across four buildings. On the positive side, #availability declined during the quarter as a result of several large #leases being signed by expanding tenants. Though net absorption this year is still firmly negative, it is 14.3% higher than last year. As the State's moves largely finish by mid-year 2025 and #returntooffice picks up, the market could see some stabilization begin by the second half of next year. For more #insights on Sacramento's office market, please view our Q3 2024 report below and reach out to me with any questions. https://lnkd.in/eifYsGpK #CommercialRealEstate #Research #Data #Trends #MarketReport #OfficeSpace #WorkplaceTrends #FutureOffice #SacramentoCA #ThoughtLeadership

Harrell Rolls Out Incentive Proposal for Converting Offices to Housing - The Urbanist 🏢 Converting offices into housing is a complex process that requires experience and a deep understanding of its intricacies. As an investor, one wrong move can make or break your success. That's why it's crucial to have the right expertise by your side. With my experience in office conversions, I can guide you through the nuances and ensure a successful outcome. From zoning regulations to construction costs, I have the knowledge and skills to make your investment a profitable one. Don't take any chances, trust a professional like me to help you achieve your goals. 💼🏠 #officeconversion #housinginvestment #expertadvice #success #investing #realestate #realestateinvesting #knowledgeiskey #trustaprofessional #nuancesmatter/ via @urbanistorg

One billion empty square feet of office space sits empty across the country, according to CoStar. Unfortunately, the longer the square footage has sat empty, the more drain it’s caused on the communities it takes up space in. Record vacancies (and a litany of other factors) have caused the value of modern office space to drop by about 40% of what it was worth pre-pandemic. The inherent misuse of empty space has also dragged down the valuation of property taxes by 40% as well. This means less money is collected all around, infrastructure suffers, and people have even less of a reason to live and work in cities where this is happening. #CRE #Office #NYC #Conversion #Housing #TenantTips #TenantRep #Vacancy https://hubs.li/Q02k48rQ0