The adaptive reuse case is getting easier to make
Older buildings still carry the best bones in many neighborhoods. The hard part is matching the floor plate to a use people can support.
Daily market briefing
Plain-English updates on the market, plus the overlooked buildings worth a second look.

Market snapshot
A quick read on the numbers behind the conversation. All figures shown are sample data.
Office vacancy
18.4%
Sample metro average
Multifamily starts
+6.1% YoY
Sample annual change
Industrial asking rents
$9.40/sf
Sample blended rate
Cap rate spread, 10-yr
210 bps
Sample spread
From the desk
Older buildings still carry the best bones in many neighborhoods. The hard part is matching the floor plate to a use people can support.
A conversion can work, but only when the building, zoning, and construction budget line up before optimism enters the model.
Smaller markets are earning a closer look as delivery networks widen and tenants value available space over a famous address.
In markets with less room for rent growth, a better resident experience and tighter expenses can do more work than a flashy amenity package.
The next use may be smaller, more local, or shared. Start with the block, not the old tenant roster.
Broad policy headlines are useful. The real test is whether a specific underused site can now support a viable project.
What we watch