The Vertex Companies LLC’s Post

Thanks to The Messenger for including my perspective in this piece. Full article linked here: https://bit.ly/3Rm0eRN.

RXR is exploring whether to convert a portion of 5 Times Square, a 1.1 million-square-foot, 39-story office tower in the heart of Manhattan, into residential space, according to sources close to the process. Read more: https://lnkd.in/e6Mwn8rg #RealEstate #CommercialRealEstate

Every high-rise that leaves its mark on Atlanta’s skyline is celebrated when its construction reaches its tallest point. But few buildings have the potential to be the last new tower of their type for years to come. The 25-story office tower known as 1020 Spring could be the last major office high-rise built in Atlanta for a while. While more companies are setting return-to-office policies, the amount of available office space in metro Atlanta has set record after record, with nearly one-third of all office square footage being on the market for rent at the end of March, according to data from real estate services firm CBRE. Developers and their financers have taken notice with many canceling, delaying or paring back their new office construction projects due to uncertain demand going forward. Read more: https://lnkd.in/eCt52bEP

Adaptive reuse is no cakewalk. Firms taking that path invest years in building talent, streamlining processes, and learning how to identify viable sites that fit best. It’s one of the many reasons unused office buildings, some far predating the work-from-home phenomenon, still stand today. Kathryn M. Wallace (Colliers) and Jaime Lee, NACD.DC (Jamison Group of Companies) discussed some of the stumbling blocks along the way at the 2023 Casden Multifamily Conference. #adaptivereuse #officebuildings #housing #multifamily #multifamilyhousing #commercialrealestate

Most developers are still treating aging office relics like demolition dunces. But one savvy crew just schooled everyone on the mixed-use metamorphosis play. We're talking that near-vacant 1972 tower on Smith Street reimagined into a 372-unit residential oasis packed with amenities. Except this glow-up went way beyond typical office-to-condo surgical slicing. These visionaries mapped out the entire curbside choreography upfront rather than doing the usual Band-Aid bodge jobs. They surgically separated the residential and commercial components' wildly different parking/loading demands into purposely designed zones and flows. Genius level stuff. Residents enjoy Ubering and fetching seamless deliveries through dedicated curbside experiences catered to their exact patterns. While any remaining office stayers keep their segregated commuter routes without residential conflict. It's that nuanced mixed-use mindset positioning this reincarnated high-rise 10% pre-leased before opening in a Downtown area starved for thoughtfully planned vertical communities. Getting the curbside strategy locked upfront avoided the classic "conversion clusterf*ck" of gridlock, turnover vacancy chains, and corporate leavers. These guys [and gals] recognized that sweating the small stuff like curbside utilization and separation is actually the vital amenity for any thriving adaptive reuse. The upfront investment paid massive dividends too - over $100M in fresh property value catalyzing a model for truly revitalizing urban dinosaurs into sustainable, mixed-use energy hubs. Not just jamming rentals into archaic office cavities. It's a masterclass in holistic conversion done right - choreographing the entire mobility experience around seamless placemaking rather than halvingcube farms into shoebox closets. When's the last time you saw a developer flex that level of curbside genius? Exactly... the real visionaries are separating themselves from the demo dunces. https://lnkd.in/g3aftd-p #MixedUseRevolution #CurbsideGenius #UrbanMetamorphosis #AdaptiveReuse #RealEstateInnovation #SmartDevelopment #UrbanRenewal #ResidentialOasis #SustainableLiving #VerticalCommunities #PropertyTransformation #OfficeConversion #HolisticDesign #Placemaking #UrbanRedevelopment #FutureCities #RealEstateTrends #DeveloperInsights #CityLiving #MixedUseMindset #RevitalizingDowntown #CurbsideStrategy #SeamlessLiving

Straight from the front page of today's New York Times: Manhattan's iconic skyline, known for its relentless growth and towering office buildings, is witnessing a dramatic shift. This Times article discusses a stark decrease in large office tower construction, with only three significant projects underway and none expected to start for years. The slowdown, a stark contrast to the construction boom of previous years, is a result of rising costs, higher interest rates, and changing corporate work cultures accelerated by the pandemic. The construction drought marks a significant moment for NYC, reflecting deep changes in real estate dynamics and city economics. A thought-provoking read for anyone interested in urban development and the future of workspaces. #RealEstateTrends #NYCSkyline #OfficeConstruction https://lnkd.in/eZ9M_x7V

Adaptive reuse has worked in older, smaller mid-rise & high-rise buildings. But it will not work in office buildings with large floorplates (center units would have no windows) or single-story office park office buildings, which are too expensive to convert. https://lnkd.in/eaaAikqd #planning #zoning #realestate #development #sustainability #urbandesign #resilience #adaptivereuse

Calling all Landlords! This insight is for you. Our in-house team is on top of trends, and we’ve noticed one you won’t want to ignore. Offices of less than 5000 sq ft are having leases signed faster when they’re already fitted out. It’s certainly an investment to make before someone signs but we know that a people-led approach will give potential tenants what they want, and what they need. All while making your space truly desirable. Let us help you make your workspace work harder. Get in touch to discuss your vacant space and its potential today. #AMHprojects #interiordesign #officedesign #workplacedesign #commercialdesign #landlords

What a great adaptation for our built environment. The second R in the three R’s is; re-use and what a great “re-use” of an existing building, with so many co-benefits. Mainly reducing demolished construction materials from heading to landfill, the reduction of virgin materials being extracted and manufactured, plus the captured carbon in the existing materials, and we get to preserve our history and the built environment.

At Gensler, we are proud pursuers of minimizing roadblocks for office-to-residential conversions. We’ve seen the power that these conversions can have in saving stranded assets and reinvigorating downtowns. So, why can’t we use this principle for other uses like neighborhood amenities or life sciences spaces? Dive into this idea with Gensler’s Joseph Lauro as he shares the way forward for our downtowns. https://lnkd.in/ef3sm89D