Viewing Affordable Housing Through a Multi-Dimensional Lens

K.C. Conway

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CHICAGO—From the turn-of-the-century warehouses to old car dealerships, from shuttered malls and decrepit castles to old train stations, investors and developers are increasingly targeting these assets as they move into the adaptive reuse (AdRu) property segment.

“Adaptive reuse is definitely a distinct product category within commercial real estate,” says CCIM Institute Chief Economist K.C. Conway. “We expect that increased adaptive reuse investments and development activities will ultimately result in a stronger, more resilient commercial real estate industry.”

Conway predicts that adaptive reuse projects will make up a greater percentage of investment activity than self-storage and other non-core property types by 2023. As a result, he says, investments and developments may be impeded if the commercial real estate industry’s understanding of this property segment doesn’t keep up with the growth.