What Cleveland Can Teach Us About Office Conversions

Concern about the future of the office market and to what degree properties might lose even more value than they have is understandable. Many owners and investors will ultimately take the hit so long as companies don’t see the need to have everyone all the time at their offices. Or can’t compel enough employees to the same view.

That is the source of interest in office conversions. Take those buildings that are largely or fully empty and turn it into something else. Seems reasonable. But Carly Pendergast at Trepp’s CRE Direct notes “the removal of empty space still might not be enough to combat rising vacancy rates and companies giving back their office space.”