Kirby Nagelhout Construction Company’s Post

The largest development by the State of California just opened its doors in #Sacramento this month. Spanning an impressive 1.25 million square feet across 17 acres, the May S. Lee State Office Complex will be a hub for 5,000 state workers. The $1.03 billion project includes four (7-11 story) #office buildings on the corner of 7th & Richards north of downtown across the street from Township 9. As the state commits to returning employees to the office at least twice a week starting this summer, workers from the Department of Tax and Fee Administration to the Department of Health Care Access and Information will work out of these brand new buildings. The complex includes #amenities such as a center court plaza, skyways connecting some of the spaces, a dining area, gym, daycare center, and auditorium. State workers will begin moving into the buildings in May with full occupancy expected by July. The project came in ahead of schedule and under budget. It is part of DGS' plan to renovate and replace older state office buildings in the Sacramento region (and also includes the vacating of leased space in privately owned buildings). https://lnkd.in/gtBHQA5V #commercialrealestate #workplacetrends #futureofoffice #CRE #officespace #futureofwork #officespace #officedesign #trends #officemarket

"Conversion of Echo Park Offices into Charter School" Read the full article below..

Interesting article, well worth the time to read.

The key paragraph: Our year-long project studying how to revive downtowns has identified three keys to success: First, to focus on a few blocks at a time (what urban planners call a “node”). Second, to make it as easy as possible to convert old office towers for new uses, via tax incentives and expedited permitting. Third, to offer unique amenities for residents, workers and tourists. Cleveland did all three in the area around Public Square. https://lnkd.in/gdWaPcnz

Since the last First & Grandview Open House in June, our planning team has been hard at work, reviewing your feedback on the Vision Statement and Guiding Principles, Planning Framework, and Streetscape Studies.   We are excited to invite you to our third Open House, on Thursday, August 22nd, 5:00 pm-7:00 pm at 1515 Goodale Blvd.   At this Open House, we will review studies focused on Community Life: Spaces, Places, and Parking. Join us as our consultant team presents their further planning studies, along with revisions to the plan’s Vision Statement and Guiding Principles, and other community feedback from Open House #2.   We invite community members to gather starting at 5:00 pm, with a brief orientation/presentation regarding the evening’s materials starting at approximately 5:15 pm, followed by time to visit and review display boards and converse with the planning team and City staff through 7:00 pm.   Business/property owners and residents residing in or near the district are invited to arrive early to interact with the planning team, starting at 4:00 pm.   Parking is available along Glendale with overflow parking available at Wyman Woods. #GrandviewHeights #planninganddevelopment #economicdevelopment

Houston is undergoing a significant transformation, with old office buildings like the 372-unit Elev8 at 1801 Smith transitioning into modern apartments. This change is a response to the city's 25% downtown office vacancy rate. Despite financial challenges, including high conversion costs and limited government subsidies, the movement gains momentum. Elev8 exemplifies this shift, overcoming economic barriers to set a new urban living standard. However, projects like the Esperson complex and the former Exxon skyscraper face hurdles, relying on historic tax credits for viability. Yet, with over 150 million square feet of office space in Houston, the potential for conversion is substantial, albeit underutilized due to stringent eligibility for tax benefits. Most of Houston’s office towers are too young for those juicy tax breaks, leaving a gap between potential and reality. For developers, it’s a hunt for buildings ripe for transformation, ideally without breaking the bank. #HoustonTransformation #UrbanRevival #OfficeToResidential #EconomicChallenges https://lnkd.in/g9kfV6yQ

The expansion of Class MA Permitted Development Rights (PDR) earlier this year has boosted activity in the office sector.   This change is enabling property owners and developers to progress residential development plans, transforming office spaces into much-needed homes.   Our team is actively advising on a range of office-to-residential conversion projects under these new PDR guidelines, including: ▪️ Over 30 PDR projects ▪️ In excess of 1m sq. ft. ▪️ To deliver over 2,000 new homes   PD rights provide an excellent opportunity to help achieve consent for residential use at a significantly reduced time and cost than via a conventional planning application. This helps to add value to assets and provides the opportunity to bring forward housing delivery on brownfield land.   For more information, please see the document below and contact one of the team: Simon Rogers (Development), Richard Thomas (Land), Sam Stackhouse (Planning - Housing & Land), Josh Boreham (Office Investment), Harry Charman (Development), Georgia Matthews (Development), James Huish (Planning).   #MontaguEvansLand #MEResidential #PDR #HousingDelivery #Retrofix

The redevelopments proposed for the three Wayne locations that are no longer owner-owned and occupied also reflect the latest chapter in a national trend: the reinvention of large suburban office parks, but this time into housing: #commercialrealestate #conversion #realestate #multifamily #housing

I came across an interesting quote in a Moody's article. Coined by economist Ermengarde Jabir, it reads, “There are obsolete offices, but the Office is not obsolete." While smaller office space continues to dominate #leasing activity, larger office commitments are fueling #construction activity. Notable projects include: Cherry Creek submarket ➡ 201 Fillmore St - 85% pre-leased (Antero Resources HQ, 122k sf) ➡ 255 Fillmore St - 61% pre-leased (Crusoe Energy, 43k) A worthy mention is 3250 E Second Ave. The project is in the final planning stage and is 70% pre-leased (Bow River Capital HQ, 30k). Congratulations Edgemark Development and Elevation Development Group on your recent delivery of 300 N University Blvd. Northwest submarket ➡ 4100 Fox St - 100% pre-leased (World Trade Center Denver, 600k sf) River North submarket ➡ 3083 Walnut St - 57% pre-leased (Mortenson Construction HQ, 37k sf) Southeast Suburban submarket ➡ The District, Bldg 3 - 36% pre-leased ➡ The District, Bldg 4 - 34% pre-leased Dive into the latest Denver office data: 🔗 https://lnkd.in/dyVryMqG #AYdifference #DenverCRE #headquarters #relocation

In this survey of California developers UCLA and law firm Allen Matkins found 21% are eyeing office conversion projects in 2024. This is a topic I know well; I'll be in LA to present 'Bad Office Buildnigs Make Good Housing' at a confernce in May. It will be a how-to guide to converting 20th Century offices into 21st Century housing. https://lnkd.in/g4DW7ktp