Categories Narrative, Office Market, Office Trends

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% … Continue reading Office Space Converting to Retail? (Office Conversion Series – #4)

Categories Narrative, Office Market, Office Trends

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 … Continue reading Office to Multifamily? (Office Conversion Series – #2)

Categories Narrative, Office Market, Office Trends

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 … Continue reading Office to Industrial? (Office Conversion Series – #1)

Categories Narrative, Office Market, Office Trends

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 … Continue reading 1-Minute Phoenix Metro Office Market Update: Q3 2023

Categories Graphs, Narrative, Office Market

Demand for Office Space Expected to Shrink Through Early 2024

We write about the state and future of the office market in The C2 Voice weekly. Because we are on the front lines, we see trends happening as they develop. Today, we want to share a great study that just came out from NAIOP (the main association for Office Developers) that mirrors our perspective but … Continue reading Demand for Office Space Expected to Shrink Through Early 2024

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