X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Mark Zwagerman Mark Zwagerman

Adaptive reuse projects have played an integral role in the resurgence and transformation of cities, including Los Angeles’ transformation over the past decade. Architecture and design firm HLW is an expert in adaptive reuse projects and an ardent supporter of recycling and reusing buildings as a pathway to city growth. The firm says that existing buildings have an interesting history and adapting existing buildings is a more sustainable approach to development. The biggest benefit, however, is the value potential of adaptive reuse. Existing buildings have an an inherent value that can be elevated through a reuse project.

“Buildings, particularly industrial buildings that are at the end of their commercial cycle, are not desirable and do not garner market rental rates,” Mark Zwagerman, managing director at design firm HLW Los Angeles, tells GlobeSt.com. “Therefore, the property valuations drop because of poor performance. By developing a great design that takes full advantage of the inherent qualities of a building, and then adapting to a new use, the resulting rental rates and property valuations can multiply by three, four, or five times. In addition, most adaptive reuse projects are “by-right” developments that save a significant amount on time by not having to go through a lengthy entitlement approvals process.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.