PPB January 2022

FromOffice To Home: The Next New Real Estate Trend? A number of factors—such as large vacancies in commercial buildings, company downsizing and work-from-home preferences— are driving what could be a major real estate trend: converting vacant office buildings into apartment homes. Developers are eyeing the possibility in an effort to find a useful purpose for empty office buildings and bring neighborhoods back into urban areas. Since pandemic-related lockdowns sent millions of workers home in March 2020, many office spaces have stood empty all across the U.S. and some of them remain dark. By the end of 2020, 137 million square feet of office space was available for sublease, according to the CBRE Group. That's the largest number since 2003—and an increase of 40 percent from 2019. Yet, commercial rents are still going up. The most recent Cushman & Wakefield MarketBeat report revealed that 17.2 percent of U.S. office buildings were empty during the second quarter of 2021. This is the highest vacancy rate since it peaked at 17.3 percent in the third quarter of 2010. Every region of the country is affected, from Brooklyn and Philadelphia to Los Angeles and San Francisco; Houston, Chicago, Atlanta, Denver, Dallas, Cincinnati and Minneapolis also report high vacancy rates. Converting an existing office building into a home is an example of adaptive reuse—a concept first seen in Manhattan in the 1960s. Read more about this trend and how it can open new promo opportunities in the residential real estate market in an article published on Rent.com’s blog at www.rent.com/blog/empty-office-buildingturned-into-homes-next-apartment-trend. Rea l Es t a t e Real estate agents can warmly welcome homebuyers to their new residence with the Waverly Silver Fox Blanket™ featuring a soft, fur-like finish, this luxurious blanket includes a hidden zippered compartment that conceals the backing on the embroidered design. Towel Specialties / PPAI 113150, S7 www.towelspecialties.com The Masia Six-Piece Cheese and Dip Set is perfect for home entertaining. Homebuilders can add their logo to the slate cutting surface for a memorable and useful promotional gift. The kit includes ceramic cups, a stainless-steel knife with a forked tip and a slate board. Logomark, Inc. / PPAI 110898, S12 www.logomark.com 42 | JANUARY 2022 | GROW

RkJQdWJsaXNoZXIy NzU4OQ==