When the topic of adaptive reuse of existing CRE properties comes up, the most typical angle is turning older office buildings into apartments. While 2023 was a particularly active year, with 55,000 office to apartment unit conversions, according to Yardi's Rent Café, that's a small proportion of the 440,000 total units constructed by Real Page's count.
Instead, developers, owners, and investors might look to other reuse, like healthcare. As that industry moves away from to outpatient care at distributed locations, it increasingly needs space. There are clinics and practices in spaces within shopping malls, freestanding retail locations, former general office buildings, and other repurposed spaces.
Becker's Hospital Review recently looked at how Hartford HealthCare had used such properties as "a shuttered Blockbuster store, a vacant Bed Bath & Beyond and an old funeral home."
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