Office inventory is increasing!
"Office availability in LA has record-high 26.7%" (Savills) - What should we do with all the empty office space in LA, specifically the downtown LA area? This is about 44 million square feet of unused office space that is collecting dust! - Since our beautiful City is currently in a residential housing crisis, I believe it would make a lot of sense to convert the vacant office inventory to residential units, via adaptive reuse projects. - Los Angeles’ City Planning Department is currently updating its “Adaptive Reuse Ordinance” (ARO) to make it easier for developers to transform office buildings into residential units. The ordinance has been in place since 1999, and is currently being updated by City Planning to help grease-the-wheel in creating more residential inventory. A lot of the "red tape" will be removed when this update is rolled out. - Keep an eye out for office inventory in buildings that were built in 1974 or newer, with floor plates less than 15,000 sf - I personally think adaptive reuse projects, like these, are where architects can make a big difference in our city throughout the next coming years. - https://lnkd.in/gUmmW7Bb