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As the current perceived status of the office market continues to try to stabilize in a post-pandemic world, we have seen a rise in adaptive reuse and redevelopment. A recent market study shared by AIA shows that renovations have surpassed new construction for the first time in two decades, meaning that building owners and developers are reworking existing spaces to entice both employees and tenants or repurposing assets for alternative uses.

For the times where office improvements may not result in a reasonable return on the investment, we have seen a rise of conversions or redevelopment to other uses such as: multifamily, science and technology, healthcare, and self-storage.

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