December 2023

SUMMARY: Converting Office Buildings to Different Uses (Last of Our Series)

To finalize our office conversion series, I want to summarize the growing interest in office conversions based on the market forecast with some global takeaways. 1. The best use for any office building will ultimately depend on the existing office building. NAIOP came out with a great report  (You can read a full report here) that …

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Office to Medical? (Office Conversion Series – #6)

 The final conversion we will discuss is office to medical.  Medical Office Buildings (MOB) are a hot topic in the CRE world.  The healthcare market is now doing almost $60 billion in revenue as of the end of 2023 and is projected to continue to grow at over 10.4% for the foreseeable future. Medical Office Buildings As …

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Office to Schools? (Office Conversion Series – #5)

Today, we are looking at converting office space to schools. As the private, charter, adult, and alternative school movement continues to grow, converting empty office space into schools has been very successful.  Let’s see WHY: Pros: – Larger office buildings offer a good fit for schools that need lots of space. – There is greater opportunity …

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Office Space Converting to Retail? (Office Conversion Series – #4)

We are halfway through our series and in today’s entry we’re talking about office to retail conversions.   As retail vacancies continue to drop and office vacancies rise, owners are exploring the idea of converting unused office space into retail space.  According to the Phoenix Business Journal, retail space has had a low vacancy rate of 5.1% …

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