From Reimagining To Reoccupying
Over the years, as needs of residents and businesses have changed, commercial real estate has gone through many generations of adjustment renovation and repurposing, most notably in urban areas. Old firehouses and police stations have become condos, boutique hotels and restaurants. Warehouses have been converted to retail and apartments. Department stores have converted to office space and office space converted to apartments.
These changes have occurred in under-utilized or obsolete buildings, and MSC is an experienced partner helping building owners regenerate a return on their investments in vacant buildings.
Today’s repurposing trend is spreading to the suburbs, as people become increasingly interested in living in or near town center, mixed-use areas close to their employers. In addition, remote campus office parks are losing their appeal, because employees want to be closer to lifestyle amenities, such as restaurants, gyms, cleaners, entertainment, retail and mass transit. Finally, in the suburbs of DC, office vacancy rates are much higher than the national average, due to over-building; there’s simply too much Class B office space, when people want modern amenities; too much demand for less square footage per employee; more people working from home and the federal government’s commitment to reducing its office space/expense in the region.
The office vacancy rates in the suburban Washington Metro region range from 15 to 21+ % depending on the jurisdiction. These vacancy rates are holding or rising. MSC and their partners help building owners holding vacant properties to consider and determine the “highest and best use” of those properties, based on their locations, conditions and configurations. MSC is perfectly positioned to help building owners early in the discernment process, as they reimagine their office buildings and options for the future. With MSC’s deep experience in construction consulting and jurisdictional management, we consistently lead teams to:
- Evaluate properties, as to condition and repurposing
- Evaluate environmental issues and remediation
- Conduct structural analysis
- Conduct environmental analysis/remediation plans
- Conduct building code analysis
- Develop traffic and parking plans
- Research zoning issues
- Apply for and manage permits
- Conduct inspections of the construction
MSC is uniquely qualified to assist building owners from the inception of a reimaging and repurposing program to consider all available options, create effective conversion plans and help keep the entire process on-target, on-time and on-budget.