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Apartments have equally dominated recent and planned office and industrial conversions


•From the heart of downtown to the surrounding suburbs, tired office, industrial, and retail product has been quickly targeted by developers as a way to avoid a ground up venture. In fact, nearly 19% of the projects completed within the last two years or slated to take off soon will renovate or retrofit existing underperforming product. Not surprisingly, apartment uses account for roughly 85% of all office and industrial conversions, as prime sites (especially downtown), also offer vacant or near vacant buildings in need of some TLC.

•This activity represents a natural real estate phenomenon that is quite crucial to the success of a developing region – the purging of underperforming product that tie up prime locations, suppresses rental rates, and diminish the perception of
an area.​

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