In the wake of the global pandemic, we have seen an undeniable acceleration of existing work-life, geographic, and demographic trends.
The commercial real estate market is booming! Certain trends and drivers of change continue to fuel robust transactional and redevelopment activity, including the adaptive reuse of CRE, which gives older structures and spaces new life and purpose.
Artifacts from icons like Spike Lee and Pedro Almodóvar, the iconic Dorothy ruby slippers from "The Wizard of Oz," Okoye's costume from "Black Panther, you'll find them within the seven story, 300,000 square-foot Academy Museum of Motion Pictures which is finally ready for its closeup.
As demand for the types of spaces we use shifts and evolves, adaptive reuse enables us to enlist already-developed land to satisfy new demands and uses. In earlier times, these shifts reflected changes in the economy, from agrarian to industrial to service.
Despite a lot of chatter about converting properties due to the pandemic, investors have run into obstacles.