{"id":509092,"date":"2022-04-26T05:45:33","date_gmt":"2022-04-26T12:45:33","guid":{"rendered":"https:\/\/www.esri.com\/about\/newsroom\/?post_type=wherenext&p=509092"},"modified":"2024-05-10T05:27:43","modified_gmt":"2024-05-10T12:27:43","slug":"adaptive-reuse-for-office-properties","status":"publish","type":"wherenext","link":"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/adaptive-reuse-for-office-properties","title":{"rendered":"As Office Occupancy Falls, Adaptive Reuse Drives Real Estate"},"author":501,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"sync_status":"","episode_type":"","audio_file":"","castos_file_data":"","podmotor_file_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","_links_to":"","_links_to_target":""},"categories":[],"tags":[430851,479182,476332,1261,1161],"department":[488812],"wherenext-category":[],"industry":[],"class_list":["post-509092","wherenext","type-wherenext","status-publish","format-standard","hentry","tag-covid-19","tag-cre","tag-future-of-work","tag-real-estate","tag-retail","department-emerging-technologies"],"acf":{"short_description":"With or without COVID restrictions, some offices won\u2019t host workers anytime soon, and property owners need insight on how to adapt. ","pdf":{"host_remotely":false,"file":"","file_url":""},"flexible_content":[{"acf_fc_layout":"content","content":"Changes in the way we work have ushered in an era of innovation and adaptive reuse that is giving many office buildings new life in a postpandemic world."},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Left","content":"Article snapshot:<\/strong> As owners of office property weigh changes in the way we work postpandemic, they\u2019ll use location data to weigh the benefits of adaptive reuse.","snippet":""},{"acf_fc_layout":"content","content":"Real estate markets in San Francisco, New York, Seattle, Los Angeles, and other large cities are showing high vacancy levels as employees who began working from home during the COVID-19 pandemic continue that arrangement. Nationwide, office vacancy rates have risen to 12.2 percent from 9.7 percent<\/a> over the past two years, according to data from Costar and others. As more leases come up for renewal and companies offer hybrid work schedules, some industry watchers think vacancy rates could tick higher<\/a>.\r\n\r\nIt may sound like a gloomy outlook for commercial real estate<\/a> assets, but forward-looking owners and investors are rethinking these spaces and embracing the practice of adaptive reuse. As they do so, many find that location data reveals important community dynamics surrounding a property\u2014and insights for the best uses of the space inside it.\r\n

Using a Location Lens to Drive Adaptive Reuse<\/strong><\/h3>\r\nAs office space owners and investors embrace the needs of a changing workforce, some are installing upgrades like touchless building entry and high-quality air filtration, while others are converting office space to e-commerce warehouses, residential spaces<\/a>, and even self-storage units.\r\n\r\nTo better understand how a space can be transitioned to meet changing demands, it\u2019s important for executives to analyze the surrounding market as well as the space itself. With location intelligence generated by geographic information system (GIS) technology<\/a>, investors can analyze local demographics and economic patterns\u2014and map indoor spaces to determine the most productive prospects for adaptive reuse.\r\n\r\nIn some markets, location data reveals strong demand for converting empty office space into residential housing. A recent report from RentCafe documented more than 150 apartment conversions<\/a> in US cities in 2021, 41 percent from former office buildings. In other cases, property owners are converting office space to self-storage units<\/a>, as occupancy rates and demand continue to rise in that sector.\r\n

Location Intelligence from the Outside In<\/strong><\/h3>\r\nOnce an owner decides how to adapt a building based on local market conditions, GIS mapping can ensure that the space is optimized to meet the needs of its new occupants."},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Left","content":"Location Intelligence for the Real Estate Crowd<\/strong>\r\n\r\nFor a glimpse at how the AEC industry (architecture, engineering, and construction) blends cutting-edge technologies to help tenants and investors make better decisions, see this WhereNext<\/em> Fast Four interview<\/a>.","snippet":""},{"acf_fc_layout":"content","content":"An indoor mapping system can create a digital twin of a property<\/a>, helping design teams create greater efficiency and safety for occupants navigating the space. Combining GIS with building information modeling (BIM) technology<\/a> helps decision-makers understand the dimensions of a space and the optimal placement of assets within it.\r\n\r\nBy anonymously mapping how people move through a space, location technology<\/a> also provides key insights for adaptive reuse, including improvements that might better address tenants\u2019 needs in residential, industrial, or retail settings.\r\n\r\nThe decline in demand for traditional office space has challenged assumptions and uncovered opportunities. From affordable housing to much-needed warehouse and storage space, property owners are tuning into emerging market demands. Location intelligence provides them an outside-in view of how best to use a given property, providing clarity for major investment decisions in the post-pandemic economy.\r\n\r\n \r\n\r\nListen to this podcast<\/a> to hear Mary Rowe of the Canadian Urban Institute explain how location technology can help planners reimagine the use of office space.\u00a0<\/em>"}],"references":null},"yoast_head":"\nAdaptive Reuse for Offices Gains Favor as Workers Stay Remote<\/title>\n<meta name=\"description\" content=\"When property owners consider adaptive reuse of office space, location data can be a useful guide.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/adaptive-reuse-for-office-properties\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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