Despite efforts on the part of many employers to bring workers back to the office, office buildings are now the most distressed segment of the commercial real estate market.
Move over, dead malls: there’s a new troubled kid in town. “According to a new report by MSCI Real Assets analyzing the commercial real-estate sector, around $24.8 billion of office buildings in the U.S. were in financial distress by the end of the second quarter — surpassing both retail (which includes malls) and hotels,” explains Clio Chang in Curbed.
“As remote work continues to force companies to cut back their real-estate footprints, the MSCI report showed that the measure of offices in distress was up by 36 percent since the first quarter. Meanwhile, the country’s overall office-vacancy rate is at 20 percent.”
While housing advocates tout office vacancies as an opportunity to convert these centrally located buildings to housing, it remains to be seen if that idea can overcome the costs and logistical challenges of adaptive reuse.
FULL STORY: Offices Are the New Malls
How the Post-Covid Reality Is Reshaping Central Business Districts and Urban Centers
U.S. cities are working to redefine their downtowns in response to the “donut effect:” people and businesses abandoning city centers and flocking to suburban areas and beyond.
California Law Would Streamline Adaptive Reuse Process
A bill passed by the state senate would ease the permitting process for office conversions in central city neighborhoods.
Office Vacancies Drag Down Property Taxes
Downtown office buildings around the country are selling for much lower prices than before the pandemic, prompting questions about the future of central business districts.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?
Milwaukee Launches Vision Zero Plan
Seven years after the city signed its Complete Streets Policy, the city is doubling down on its efforts to eliminate traffic deaths.
Portland Raises Parking Fees to Pay for Street Maintenance
The city is struggling to bridge a massive budget gap at the Bureau of Transportation, which largely depleted its reserves during the Civd-19 pandemic.
Spokane Mayor Introduces Housing Reforms Package
Mayor Lisa Brown’s proposals include deferring or waiving some development fees to encourage more affordable housing development.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Gallatin County Department of Planning & Community Development
Heyer Gruel & Associates PA
JM Goldson LLC
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont