According to CBRE the overall U.S. office vacancy rate hit a 30-year-high of 18.2% in mid-2023 That doesn’t sound so bad, but reality is just not so even-handed. Only 10% of all U.S. office buildings account for 80% of the occupancy losses since the onset of Covid. I visited Atlanta in early October, 2023. My host told me vacancy in downtown Atlanta was at 80%. He … [Read more...] about Office conversion.
Articles
The Aux Evanston
There’s a real estate project underway in Evanston, Illinois, and it's called The Aux. Led by a diverse team, it represents much more than just the revamping of a 16,500 square foot vacant factory building. It represents the aspirational hope of a community. Not only does the community plan to fully renovate the building into a wellness hub, they plan to populate the space … [Read more...] about The Aux Evanston
The King Henry
When developers recognize the value of place, exciting projects emerge. One such project is The King Henry in Alexandria, Virginia. Historic Alexandria in Virginia is just five miles south of Washington DC, a water taxi ride away from the National Harbor and a bike ride from Mount Vernon. The city is nationally recognized for its rich history and beautifully preserved 18th- … [Read more...] about The King Henry
Starter Home disappears.
What happens when Wall Street comes for the starter home? In a slightly depressing piece of journalism, the New York Times documented the answer to this question by exploring sales in a neighborhood of Charlotte, NC. Between 2021 and 2022 one-third of the houses in just one block of this 34-year old subdivision were bought in all-cash deals by … [Read more...] about Starter Home disappears.
Retrofits.
Converting vacant office buildings to housing is not an easy fix for our ailing downtowns. Not by a long shot. Over the years experience has shown that they are never straightforward. There is no magic sauce. The unhappy truth is that retrofits are hard, expensive and sometimes make no sense at all. Here’s why … Large floor plate office buildings generally have one … [Read more...] about Retrofits.