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  #81  
Old Posted Sep 16, 2022, 11:54 PM
austlar1 austlar1 is online now
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Originally Posted by kingkirbythe.... View Post
Speaking of....



Why Empty Offices Are Becoming Apartments in Texas’s Big Cities

With workers continuing to stay home post-pandemic and housing in short supply, developers in the state’s largest metros are giving a second life to old buildings.

https://www.texasmonthly.com/news-po...s-conversions/

The trend seems tailor-made for Texas. Office-vacancy rates in most of the state’s major downtowns are high (roughly 25 percent in Dallas and Houston, in the teens in Fort Worth and San Antonio). The cost of single-family homes has skyrocketed and interest rates have risen, making many would-be buyers renters. And relatively few apartments are available, with vacancy levels in the single digits and pricey monthly rents expected to get even pricier, according to projections from the Texas Real Estate Research Center at Texas A&M University.

What’s more, decades-old buildings may be more cost-effective and environmentally friendly to revamp into residences than ground-up construction, experts say, since the building’s shell is already in place and carbon emissions from the creation of new materials can be reduced.

“I think it checks all the boxes,” Chuck Dannis, an adjunct professor of practice in real estate at Southern Methodist University, says of the office-to-apartment trend. “You get empty space filled, and you get some people back into the inner city and you increase the tax rolls. I think all of that is good.”
Wonder whether there will ever be a market for residential in the very many aging 10 to 20 floor office buildings that line corridors like Stemmons Fwy and North Central Expressway in Dallas or Katy Freeway West in Houston? Vacancy rates in those buildings must be climbing rapidly. Some of those buildings are 30 or even 40 years old now.
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  #82  
Old Posted Sep 17, 2022, 4:55 AM
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chris08876 chris08876 is offline
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There's a lot of demand in the sense of upgrading from your class C to B or class B to A office space. This can fuel demand. As for dilapidated or obsolete office space, residential conversions are ideal. Or in a way, cheaper alternatives for start ups.

This country does have a housing crisis so the more units they can cram, especially via conversions, the better. And also to house the migrants headed to our cities.
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  #83  
Old Posted Sep 17, 2022, 9:32 AM
wwmiv wwmiv is online now
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Originally Posted by austlar1 View Post
Wonder whether there will ever be a market for residential in the very many aging 10 to 20 floor office buildings that line corridors like Stemmons Fwy and North Central Expressway in Dallas or Katy Freeway West in Houston? Vacancy rates in those buildings must be climbing rapidly. Some of those buildings are 30 or even 40 years old now.
Many of these are along DART rail stops, so I imagine there might be some market for these conversions.

Katy, otoh, might be a harder sell.
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  #84  
Old Posted Sep 17, 2022, 4:33 PM
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Originally Posted by wwmiv View Post
Many of these are along DART rail stops, so I imagine there might be some market for these conversions.

Katy, otoh, might be a harder sell.
People who live in these areas overwhelmingly still drive so it could work but 70's and 80's typically have large floor plates making residential conversations difficult. I can't see many if the large buildings in Houston's energy corridor being converted.
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  #85  
Old Posted Sep 17, 2022, 6:25 PM
llamaorama llamaorama is offline
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Well, in Richardson they are tearing down some of the smaller 3-4 story office buildings for denser residential development, which is in the red line corridor. Also the tornado a few years ago trashed a few of the buildings along Central a few miles south and they tore them down instead of rebuilding.

There's nicer stuff replacing the ratchet 70s commercial buildings around Carrolton too. I'm sure the Stemmons corridor will get that eventually as it's close to the Med District and the Southwest Airlines corporate HQ. Actually they've cleaned up some of the high rise offices there so they might not be as doomed as you think.

For I-10 in Houston, who knows. But on Beltway 8 they tore down the Brown and Root campus for mixed use and there used to be some multistory office buildings on that land just north of the toll plaza that was vacant forever and is turning into apartments.
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  #86  
Old Posted Oct 4, 2022, 11:36 PM
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Originally Posted by Steely Dan View Post
the towers being discussed here are giant old early 20th century behemoths:



135 S Lasalle | 1934 | 1.3M SF


source: https://www.skyscrapercenter.com/bui...onal-bank/3149



175 W Jackson | 1912 | 1.4M SF











https://www.chicagobusiness.com/arti...ffice-building


This does not name a buildings but mentions LaSalle st.



https://newsried.com/chicago-convert...to-apartments/

Chicago to Convert Famous Business District Office Buildings to Apartments.

4. October 2022

Chicago is providing financial support to developers willing to convert aging office towers into residential buildings. This is a new program that could become a test case for other cities looking to promote the remodeling of these offices.

City officials last week offered tens of millions of dollars in grants to replace the LaSalle Street corridor, a landmark office complex that has thrived as Chicago’s business hub for decades. announced to be activated. But since the pandemic, the strip’s mostly empty streets and towers have come to symbolize the slow pace of employees returning to office buildings.



...


Still, as the pandemic and new workplace patterns have caused office building prices to plummet, conversion projects are starting to look more attractive to developers.

...

The office transformation is part of a broader revitalization plan for Chicago’s LaSalle Street.


Developers planning to repurpose along Chicago’s LaSalle Corridor will benefit from lower office prices. According to data firm CoStar Inc., three buildings are for sale, and the remaining six or so are either in default on their mortgages or have been foreclosed on.

“We have a very unique opportunity to acquire affordable properties for redevelopment,” said Chicago Deputy Mayor Samir Maekar.

Featured in movies like “Ferris Bueller’s Day Off” and “The Untouchables,” LaSalle Street is best known as the historic home of the Chicago Board of Trade and the city’s largest banks and law firms. Even before the pandemic, when some of the larger tenants moved into new buildings along the Chicago River, the Corridor began to decline.


...

The office transformation is part of a broader plan to revitalize Chicago’s LaSalle Street, repurposing the building’s lobby for culture and entertainment, and attracting groceries, restaurants and other residential-oriented retailers. included.

...

Write to Peter Grant at peter.grant@wsj.com.
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