Martin Selig Real Estate’s Post

Did someone say noone’s coming back to the office? Look again right in Central Jerseys Monmouth County… When you design it right, you attract tenants, who attract better employees, who are more productive, better quality of work life, and arguably more profitable for the companies that they work for. This particular property is made up of a balance between; timeless and fresh design, healthy mix of tenant in retail, multi billion dollar international office tenants, to small startups, public open space (that’s the size of 3 football fields indoors!), with the energy of human beings - People from the outside, shopping, experiential retail, choice of dining, weekly farmer’s market, evening bar, day and night events - but most of all: a great place to work - and feeling the energy. If you’ve never been to the largest AND 99% occupied office building in New Jersey, you need to visit Bell Works! ___ Let’s keep in mind, In-office, workers out performed remote employees. Don't let remote work hinder your career growth or productivity. #Labormarket #remotework #officebuildings #realestate #wfh #newjersey #monmouthcounty #monmouthcountynj

Karin Shedd from Morning Brew brilliantly explores the dynamics of #suburban office parks, shedding light on their challenges and opportunities. Now, let's discuss revitalization strategies for these communities. First and foremost, a crucial step is to initiate a comprehensive #rezoning effort. By reimagining and updating zoning #regulations, we can pave the way for the transformation and redevelopment of these office parks, making them more appealing and responsive to the evolving needs of markets and the community. #suburbs #commercialrealestate

Another joint production of CoStar's team Pacific Northwest ... only this time, my compatriot John Gillem fills in for Boston. When prepping for our latest joint PNW presentation, we couldn't help but notice that Boston and Seattle are tops for new office construction. The two markets are also outperforming peers based on the availability of under construction office space, though that figure has increased in both markets. CoStar subscribers can read more in our latest article on the website. #CoStar #CoStarNews #OfficeConstruction #CRE #PeerMarkets #SeattleCRE #BostonCRE #SeattleOffice #BostonOffice

The city's Office Conversion Accelerator program is transforming underutilized office space into much-needed residential units. This initiative tackles two key challenges: a persistent housing shortage and the rise of hybrid work models. The program streamlines the conversion process by identifying and addressing barriers, analyzing zoning feasibility, and assisting with permit acquisition. The Mayor's office is proposing further acceleration through changes to city regulations, potentially voted on this year. These changes include expanding eligible buildings to those built before 1990 (currently limited by area) and allowing conversions from non-residential to residential use in any area zoned for housing (currently restricted). With 46 buildings already enrolled and four conversions underway, the initiative is set to deliver over 2,100 new housing units. #NYC #housing #realestate #urbanplanning #workfromhome

Seattle’s recent legislation, championed by Mayor Bruce Harrell, is set to transform underutilized office spaces into much-needed residential units. This initiative aims to create 2,000 new housing units and aligns with the goals of the Downtown Activation Plan, which seeks to revitalize the city’s core following the disruptions caused by the pandemic. While the legislation promises significant benefits, it also faces several challenges. #SeattleHousing #UrbanRevitalization #DowntownActivation #SustainableDevelopment https://bit.ly/3ZMifyi

Converting offices into homes could be a game-changer for Atlanta, but it's not a one-size-fits-all solution. A recent study sheds light on the potential benefits and public costs of repurposing downtown office buildings into much-needed housing. Learn more here https://lnkd.in/e4yvyHNp #AtlantaDevelopment #HousingCrisis #UrbanRenewal

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

"Plan for Updates to Eastside Office Building" Read the full article below..

#Chicago has placed its bet on #Office to #Residential conversion to help ease the city's #AffordableHousing needs, while making use of vacant offices, mostly located along the LaSalle Street financial corridor. The city's administration is backing more than $151 million in public funding to help convert the empty office buildings into multifamily and mixed-uses, where upward of 30% of the new residential units will qualify as affordable. This is a bold experiment which will undoubtedly influence similar efforts around the country. #RealEstate developers will be paying attention to Chicago for a few reasons, including; 1. How will the deals end up penciling-out, can they be done without public subsidy? 2. What kinds of obstacles will converting offices to residential bring, once you start breaking walls, so to speak. 3. What kinds of 'other' unexpected risks will surface, once work begins. 4. And, most importantly, how will the neighborhood change, once a mostly business-district transitions into mixed-use? 5. What kinds of businesses will look to occupy the corridor? Will there be more retail, entertainment, nightlife, bringing more balance to the downtown's #CBD?

Northstar recently attended the Massachusetts Building Congress’s Downtown Residential Conversion Incentive Program Update to learn about its progress after last year’s launch. The team was happy to hear that 507 housing units are being planned or constructed across 15 properties in greater Boston! At the event, industry leaders discussed the fundamental attributes of the initiative, such as updates within the Boston Planning & Development Agency to expedite project plan review, federal and state involvement, and current project examples.   Key highlights include: Successful Conversions: Respond to changing streetscape and work environments, generate more housing for residents, strengthen the urban core, sustainable reuse of existing buildings. Economic Impact: The program is revitalizing downtown areas and boosting the local economy by creating jobs and attracting new residents. Current Progress: 11 applications have been submitted to date, including creating 102 affordable units and transforming a total of 500,000 SF of unused office space into new housing. Challenges: Current market conditions, existing structure constraints, construction costs & regulatory requirements. Thank you to all the speakers and attendees for their valuable insights and contributions.  #ProjectManagement #ResidentialConversion #CommercialToResidential #IndustryEvents