Office Market

SUMMARY: Converting Office Buildings to Different Uses (Last of Our Series)

To finalize our office conversion series, I want to summarize the growing interest in office conversions based on the market forecast with some global takeaways. 1. The best use for any office building will ultimately depend on the existing office building. NAIOP came out with a great report  (You can read a full report here) that …

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Office to Medical? (Office Conversion Series – #6)

 The final conversion we will discuss is office to medical.  Medical Office Buildings (MOB) are a hot topic in the CRE world.  The healthcare market is now doing almost $60 billion in revenue as of the end of 2023 and is projected to continue to grow at over 10.4% for the foreseeable future. Medical Office Buildings As …

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Office to Schools? (Office Conversion Series – #5)

Today, we are looking at converting office space to schools. As the private, charter, adult, and alternative school movement continues to grow, converting empty office space into schools has been very successful.  Let’s see WHY: Pros: – Larger office buildings offer a good fit for schools that need lots of space. – There is greater opportunity …

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Office Space Converting to Retail? (Office Conversion Series – #4)

We are halfway through our series and in today’s entry we’re talking about office to retail conversions.   As retail vacancies continue to drop and office vacancies rise, owners are exploring the idea of converting unused office space into retail space.  According to the Phoenix Business Journal, retail space has had a low vacancy rate of 5.1% …

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Office to Labs? (Office Conversion Series – #3)

Today we’ll look at office to lab conversions. The idea of turning office space into lab space has been tossed around in the media for years. Most people would think this is the easiest conversion, but there are some challenges that come with this type of conversion. Let’s take a quick look at why people …

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Office to Multifamily? (Office Conversion Series – #2)

This is week two of our office conversion series and today we discuss office to multifamily conversions.  Right off, we count over 20 prime office sites in Metro Phoenix that have been developed as multifamily in the last decade. This site stealing is not new. The relatively new thing is developers taking existing office buildings and retrofitting …

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Office to Industrial? (Office Conversion Series – #1)

As office building usage continues to drastically evolve, the conversations we are having around converting office buildings into different uses, such as Industrial, Multifamily, Labs, Retail, Schools, and Medical have gained significant traction. Over the next six weeks, I will explore each potential type of conversion, the pros & cons, what the challenges are for …

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1-Minute Phoenix Metro Office Market Update: Q3 2023

The Third Quarter proved to be another reminder of how challenging these times are for the Metro Phoenix Office market. Net absorption went negative in a big way, at -355,027 SF over the past 90 days.  This drags the year-to-date figure down to -540,940 SF and puts office users on track to vacate more space than they …

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