November 2023

Office to Labs? (Office Conversion Series – #3)

Today we’ll look at office to lab conversions. The idea of turning office space into lab space has been tossed around in the media for years. Most people would think this is the easiest conversion, but there are some challenges that come with this type of conversion. Let’s take a quick look at why people …

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Office to Multifamily? (Office Conversion Series – #2)

This is week two of our office conversion series and today we discuss office to multifamily conversions.  Right off, we count over 20 prime office sites in Metro Phoenix that have been developed as multifamily in the last decade. This site stealing is not new. The relatively new thing is developers taking existing office buildings and retrofitting …

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Office to Industrial? (Office Conversion Series – #1)

As office building usage continues to drastically evolve, the conversations we are having around converting office buildings into different uses, such as Industrial, Multifamily, Labs, Retail, Schools, and Medical have gained significant traction. Over the next six weeks, I will explore each potential type of conversion, the pros & cons, what the challenges are for …

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1-Minute Phoenix Metro Office Market Update: Q3 2023

The Third Quarter proved to be another reminder of how challenging these times are for the Metro Phoenix Office market. Net absorption went negative in a big way, at -355,027 SF over the past 90 days.  This drags the year-to-date figure down to -540,940 SF and puts office users on track to vacate more space than they …

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