www.REBusinessOnline.com April 2024 • Volume 22, Issue 8 WHICH OFFICE BUILDINGS ARE STRONG CANDIDATES FOR ADAPTIVE REUSE? The checklist for these complex projects includes structural integrity, fl exible fl oor plans, natural light, desirable location and more. By Kristin Harlow W ith of ce occupancy still well below pre-pandemic levels due to the prevalence of the hybrid work model and companies downsizing their space needs, prop-erty owners are resorting to creative solutions for vacant or underutilized buildings. The conversion of of ce properties into new uses such as multifamily or hospitality is one approach. While these adaptive reuse projects are not for the faint of heart, they are an im-portant way to avoid demolition. Construction debris from demolition projects contributes to the building in-dustry’s huge carbon footprint, states Alan Barker, principal and residential market leader at Chicago-based archi-tecture rm Lamar Johnson Collab-orative (LJC). When considering an of ce conver-sion project, the rst step is to make sure that the building’s structural in-tegrity can safely accommodate reno-vations. Beyond that, of ce buildings that are a good t for adaptive reuse typically have exible oor plans, ac-cess to light and ventilation, existing utilities that can handle changes in see OFFICE page 16 This rendering shows plans for converting a former administrative of ce building into a 23-unit multifamily development in St. Louis. (Rendering courtesy of HDA Architects) EDC S PRIORITIZE INDUSTRIAL, MULTIFAMILY DEVELOPMENT Manufacturing, reshoring initiatives bode well for Midwest region, say industry experts. Meanwhile, demand for rental housing continues to grow. By Kristin Harlow the workforce. Heartland Real Estate Business spoke with ve economic development lead-ers across the Midwest to learn about the current trends, opportunities and challenges for these organizations. Participants included Michael Mertes, business development man-ager with the Department of Planning & Community Development for the Village of Arlington Heights, Illinois; Noel Anderson, community planning and development director with the City of Waterloo, Iowa; Jim Zaleski, economic development director with Parsons, Kansas; Dave Gulden, devel-opment director with the City of Pick-erington, Ohio; and Patrick O’Malia, economic development director with the City of Streetsboro, Ohio. What see EDCs page 18 E Housing Trust Group opened Crescent Place, a 40-unit affordable housing community in Arlington Heights, Illinois. conomic development corpora-tions are constantly working to make their communities as vi-brant as possible. Through the lens of commercial real estate, they can offer tax abatements and other incentives to promote development of land sites. In today’s market, much of the focus tends to be on landing industrial proj-ects and building ample housing for Retailers Discover Columbus Market Is Thriving page 12 Omaha Offi ce Market Continues to Buck National Trends page 15 Check Out Our Annual Economic Development Directory pages 20-21