SOCAL OFFICE REAL ESTATE BLOG NOVEMBER 2013 – THE ADAPTIVE REUSE OF OFFICE BUILDINGS

October 31, 2013 on 8:54 am | In Bravo, Fascinating Information, Green, Historic Properties, Investment Opportunities, Market Snapshot, Property Maintenance, Solutions, Trends, Uncategorized, Winning Properties | 2 Comments

by Jodi Summers

You’ve heard about all of those fabulous loft conversions in downtown Los Angeles – old office buildings and factories that have been renovated into apartments and condos. That’s what’s happening with a lot of that extra office space…that’s in cool buildings.

In 2012, nationwide, office stock shrunk in a third of the 54 top U.S. markets. Buildings worth saving are being converted, while lesser buildings are being demolished. The result is that the net inventory has dropped by about 21.6 million square feet > or 0.3% of inventory. In Los Angeles, available office space has declined by -16.2% according to Loopnet.

Over the next four quarters, approximately 11 of the top 54 U.S. metros and almost half of the 1,400 submarkets in those metros will have a net loss of inventory.

Conversion to residential usage is the most prominent reason that an office building is removed from inventory. Condo and apartment conversions comprise 34% of the lost office space, according to CoStar. Additionally another 13% of office space has been demolished to make way for new residential construction.

In high density urban areas where housing is needed, multifamily repositionings benefit both owner and user. The ideal conversion candidate – transit-accessible office structures built circa 1930 with 22,000-square-foot floor plates.

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.costar.com/News/Article/Didnt-That-Used-to-Be-an-Office-Building-/153464?ref=/News/Article/Didnt-That-Used-to-Be-an-Office-Building-/153464&src=rss

http://www.marcusmillichap.com/Services/Research/Default.aspx#2

http://www.socalgreenrealestateblog.com/?p=2983

http://www.loopnet.com/Los-Angeles_California_Market-Trends?Trends=TotalSFAvailableFS&PropertyTypes=Office

http://www.socalmultiunitrealestateblog.com/?p=2563

http://www.thekorgroup.com/images/900×430/xo4w7030_web.jpg

http://www.citygro.ws/projects/ace-hotel-los-angeles/posts/the-building-is-totally-gutted

http://www.youtube.com/watch?v=Rx28g0aqfIk

http://www.socalofficerealestateblog.com/?p=2435

http://cdn.cstatic.net/images/gridfs/4f8e0a9085216d65200c409b/Los-Angeles-Home-Staging-Best-Los-Angeles-Home-Stager-Los-Angeles-Home-Staging-to-Sell-Los-Angeles-Home-Staging-Model-Homes-Los-Angeles-Home-Staging-Lofts-Los-Angeles-Home-Staging-Adaptive-Reuse-Los-Angeles-Home-Staging-Modern-Homes_0165.jpg

http://p.rdcpix.com/v03/l929fcc43-m0m.jpg

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  1. The new courthouse’s serrated façade will make the most of natural daylight and reduce energy consumption. An all-in-one cooling, heating and power system, and roof-mounted solar panels will help “create a high performance green building,” the GSA said.
    “Additionally, the high efficiency building systems, water-efficient fixtures, and advanced irrigation systems will help the building meet its energy and water conservation goals,” the agency added.
    Judge Morrow said she was “absolutely thrilled” that the judiciary will be housed in a “new and safe building.” Judges have been asking for a new courthouse since the early 1990s.

    Comment by Courthouse News Service — November 4, 2013 #

  2. Deluxe Entertainment (Deluxe) has signed a 12-year lease with Hudson Pacific Properties to occupy the newly renovated, 64,000 square-foot production facility at 3401 Exposition Boulevard in Santa Monica.

    Since the mid 90’s, the property has been used as a sound stage for television and motion picture productions including “7th Heaven,” “Buffy the Vampire Slayer,” and “The Doors.”

    Hudson Pacific Properties, which acquired the property in May 2013 from Watt Investment Partners for $24.7 million, is completing a full base-building renovation and redevelopment, which includes the addition of 15,000 square feet of creative office and post-production space.

    Deluxe will consolidate their Santa Monica-area offices into the new facility with occupancy expected in the first quarter of 2014.

    Comment by SM Mirror — November 6, 2013 #

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