Despite the high construction cost that comes with converting office buildings, there's been a notable increase in the activity in the past six months with Cleveland and Houston considered the most ideal markets, according to a new report from CBRE.
Office-conversion completions are expected to more than double this year over last. And with hundreds more of these projects in the pipeline, many urban office centers are slowly being transformed into more vibrant, commercially diverse districts, according to the report.
Nearly 70 million sq. ft. of office space or 1.7% of total US supply was undergoing conversion to other uses in Q1 2024, up from 60 million sq. ft. or 1.4% of total supply in Q3 2023.
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