In general, adaptive reuse for commercial buildings is gaining favor due to its potential for higher returns, cheaper materials costs and being more economical compared to demolitions and having a reduced environmental impact on the area by much less hauling to landfills.
However, the economic factors affecting office-to-multifamily conversions are less straightforward than those associated with life science or medical office conversions, wrote Emil Malizia for NAIOP in a recent report.
He defined attractive markets for multifamily reuse as those where multifamily vacancies are lower than office vacancies, rent levels are at least comparable, and multifamily rent growth is expected to exceed office rent growth.
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