What's driving post-recession conversion projects?by Rich Rosfelder, Commercial Investment Real Estate Magazine
Across all property sectors, users and developers are eyeing urban locations. And given the lack of available land in central business districts, today’s urban infill projects often are adaptive reuse or conversion projects. In the past, good, affordable space for conversions could be scarce. But the down market of the last two years has produced a wealth of vacant, reuse-worthy properties in cities throughout the country. Healthcare and education users, multifamily investors, and developers are snapping them up, capitalizing on the downturn to expand.
But finding the right property takes more than a keen eye. A historic or vacant building’s charm may obscure other important factors to consider before pursuing adaptive reuse or conversion. Succeeding with these projects today requires buyers to look beyond the façade, the single building, or the current use. With the proper approach, what you get is more than what you see.
Click here... for the entire article which includes comments by our very own Howard King, CCIM
