WRE News May 15, 2023
Seller
A surplus of empty office space could be transitioned to help address a deficit of available housing in 14 major North American markets, according to a new data report from Avison Young.
Looking at more than 26,000 buildings, Avison Young determined office-to-residential conversions could create new housing for thousands of families in as many as 8,996 properties, or roughly 34% of the available office space in the 14 markets. Avison Young identified buildings built before 1990 and those with floor plates below 15,000 square feet in 10 U.S. markets and four Canadian markets.
While acknowledging such conversions come with risks, Avison Young insisted “the rewards could be endless,” with potential benefits including the reanimation of urban centers with an influx of new residents.
“Adaptive reuse is an important conversation we are having around the art of the possible, to demonstrate how this potential solution contributes to placemaking and to the revitalization and vibrancy of our neighborhoods – particularly our downtown cores,” said Sheila Botting, principal and president of professional services for the Americas at Avison Young. “We must reimagine how we want to live, work and play. Adaptive reuse is one of the key components of how we do that as a community.”
Stay up to date on the latest real estate trends.
Buyer
July 14, 2025
For the Miami bungalow of Chelsea Hirschhorn, husband-and-wife design team, Monica Santayana and Ronald Alvarez of MONIOMI Design were tasked with capturing a subtle, … Read more
Seller
July 13, 2025
When it comes to selling your home, there are a lot of factors to consider before placing it on the market, including what design decisions could potentially boost you… Read more
Buyer
July 12, 2025
After five weeks in decline, mortgage rates were on the rise in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
Lifestyle
July 12, 2025
Wendy’s family rarely misses a daily walk to the beach to watch the sunset with their two precious dogs.
Lifestyle
July 12, 2025
Every afternoon, when I drive up the road to pick up my son from day camp, I pass the nearby sleepaway camp on my way.
Buyer
July 11, 2025
There are plenty of headlines these days calling for a housing market crash. But the truth is, they’re not telling the full story.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today