There are now clear signs that a drive to adapt underused office space in many of the nation's cities for other uses is under way. The 100 office conversions due to be completed this year represent more than double the annual average of 41 between 2016 and 2022.
Square feet also tell the tale, up 1.2% since Q4 2022 to 60 million SF in conversions currently planned or underway, a new CBRE report reveals. As of 3Q 2023, an additional 42 projects are underway for 2024 with 18 more planned, while plans have been announced for 20 in 2025 and 117 for the years 2026 and beyond.
Nevertheless, CBRE cautions, "Conversions alone cannot resolve the challenges facing the U.S. office market."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
