Christina’s Post

More than ever Landlords and Tenants are going to have to get creative to find new uses for these urban spaces. It's not unprecedented as we see old malls and big boxes being utilized in innovative new ways. How can we reimagine and reuse the walkable real estate in our cities?

The future #RoyalDocks will include studios, makers’ yards, co-working spaces, and potentially even a cutting-edge shipyard for the Thames – a sensitive blend that makes it one of the most productive and creative ecosystems for new and growing businesses in the region. As #London rises to the challenges of nurturing an innovative economy alongside a growing population, the capital will need a blend of mixed-use developments to foster light industry, creative businesses, and retail. https://lnkd.in/e3Jb4vyq

We have published new images visualising how the Square Mile’s skyline will look by 2030. The new images capture all major developments which have been approved or resolved to approve by the City Corporation over the past 12 months and has been released amid a strong year of activity for the Planning and Transportation Committee, including a 25% increase in the applications received and decided, compared with the same period last year. Most of the tall buildings fall within the ‘City Cluster’ area, located in the eastern corner of the Square Mile, which is already home to some of the capital’s most iconic skyscrapers. With city worker numbers rising by 29,000 since 2021 and now standing at 617,000 in total, the City Corporation is negotiating development proposals that would provide over 500,000 sqm of much needed office space, equivalent to roughly 70 football pitches, with a further 500,000 already approved and under construction. Demand for high quality and sustainable office space remains high, as estimates based on GLA data show that city job numbers should grow by a further 85,000, up to 2040. This is backed by a report from Arup and Knight Frank, showing a need of approximately 1.2m sqm of extra office space in the city by 2040, to accommodate this job growth. As a ‘key area of change’ identified in the City Plan 2040 which is currently being updated, the City Cluster is set to see not just an increase in tall buildings, but also: New pedestrian routes and urban green space; More animated ground floor space for retail, food and beverage outlets; and More educational, cultural and heritage space to celebrate the city’s rich history. The Square Mile’s cultural offer has already benefitted strongly from recently opened tall buildings. In the two months since opening, 8 Bishopsgate (The Lookout) and 22 Bishopsgate (22 Horizon) have already welcomed more than 70,000 people to their free-to-access public viewing galleries, which offer spectacular views of London from 50 and 58 storeys high, in a socially and inclusive manner for all communities and visitors.

“These scenes have such an effect on us, Mr. Kickert said, because the vast majority of our interaction with architecture and buildings happens at the ground floor. It’s where we form our sense that a street is safe and vibrant, or that something doesn’t feel right. It’s where the city comes to life in its jumbled diversity: the cocktail lounge next to the dry cleaner next to the ramen shop, but also the financier next to the tourist next to the retail clerk. The ground floor, ideally, is where we can be seen, and see so much. To fill vacant downtown storefronts now, cities will have to consider other such uses. Perhaps fewer coffee shops, and more health clinics, day care centers, university classrooms, live/work spaces and fabrication shops. Ms. Preuss today proposes filling vacant spaces with small-scale manufacturing that has the added benefits of paying more than retail and relying less on foot traffic. She doesn’t mean noisy factories, but people producing tangible things, like bottling hot sauce or roasting coffee beans. Or maybe the empty storefront becomes something else entirely. “What if there were just more public bathrooms?” said Kim Sandara, an artist living in New York. Or spaces for free cultural programming or city services, or artist studio space. There are signs that cities are starting to experiment, pairing vacant storefronts with pop-up galleries and businesses, courting college campuses, creating new grants and tax credits. Fundamentally, Mr. Kickert said, cities need to see the street level as less a place of transaction, and more one of interaction. And perhaps the people interacting aren’t buying anything at all.” https://lnkd.in/ejF7KEsx

The comment about developers treating the ground floor as more than an afterthought is spot-on. It has been my experience that most mixed-use developers treat the non-residential space as simply the price of getting residential. We are going to see vacant storefronts in mixed-use blocks because there will not be enough market demand to support business in every mixed-use block. Cities and developers are going to have to think of different ways to fill these spaces with others uses that we bring the same vibrancy as commercial uses; amenities for the residential uses, for example. https://lnkd.in/gaQJaK5d

The Future of Urban Spaces: Transforming Offices into Homes In an era where cities are reinventing themselves, a fascinating trend is emerging across the nation, reshaping our urban landscapes. The conversion of office buildings into residential spaces isn't just a novel idea; it's becoming a necessary evolution in response to shifting economic and social dynamics. A recent highlight by the Philadelphia Business Journal on January 24, 2024, underscores the momentum of this movement, particularly in cities grappling with the loss of property tax revenue due to diminishing building valuations. Cities with storied architectures and older office towers, such as Washington, D.C., New York, Dallas, Chicago, and Los Angeles, are noted to be on the forefront of this transformative journey. However, the local standout in this trend is not one of these metropolises but Phoenixville Boro. The borough is setting a benchmark with approved conversion of the 34,000 sqft Customers Bank headquarters on Bridge Street in Downtown Phoenixville. This project is ambitiously planned to create 24 apartments while retaining 5,400 sqft of commercial space, blending residential living with commercial vitality. This shift towards converting office spaces into residential units is more than a real estate trend; it's a response to the changing nature of work, the demand for residential living spaces, and the necessity of revitalizing city centers and downtowns alike. As we witness buildings that once buzzed with office life being reimagined as vibrant living spaces, it's clear that the future of urban development lies in adaptability and innovative reuse. The Phoenixville example is an example, not just for cities and developers, but local communities as well. They are demonstrating that with vision and commitment, transformation is not only possible but beneficial for the community, economy, and environment. As professionals in the real estate world I would appreciate the thoughts of urban planners, developers, business owners and local residents, let's engage in this dialogue and explore how we can contribute to the sustainable redevelopment of our urban and not so urban landscapes. #UrbanTransformation #RealEstateInnovation #OfficeToApartment #SustainableDevelopment #UrbanPlanning #PhoenixvilleRevolution #SuburbanReset

There's no doubt that times are tricky for many landlords and investors in commercial real estate. If you haven't got the right product, have a dated building that was once best in class but has now been relegated to the lower leagues, is leveraged with high costs of funding and you're still hoping for a 10 year lease, you are in the eye of the storm. Add in speculation about WeWork (which is a unique situation) and if the worst case scenario happens, there will be some more pain. 🌤 However it's not all doom and gloom ⛅ In the flexible workspace sector, occupancy rates are strong, and leading operators are growing steadily to meet healthy demand from increasingly agile occupiers. The proof: many examples - including x+why with new locations in London, Birmingham and Manchester, Clockwise Offices who continue to open new locations - such as Bromley (and in the Metaverse), Work.Life who are opening in Borough in partnership with W.RE, Techspace who recently opened their fifth location in London, Spacemade who have just opened their ninth location, Halkin Offices with a new four floor flagship in The City, Landmark and Argyll both of which continue to open new buildings across London and then there's the hotly anticipated launch of The Ministry Shepherds Bush..... The link below is to a lengthy analysis in Curbed of the office market in NY (which is weaker than London), however as the above demonstrates its not just a case of building shiny glass skyscrapers and branding them - its how they are operated and offering the flexible lease terms that occupiers are looking for - a notable omission from this otherwise great article. But while there will be some pain and inevitable 'creative destruction' (a phrase coined by Joseph Schumpeter in 1942), as Scott Rechler of RXR says 'You need to rise to the opportunity and re-create value'. How? The 'Kodak' approach and trifurcation of the market is explained here and as it can be difficult to value buildings in the traditional way, a range of approaches are needed: - An analysis of existing or potential operating income - Subjective factors such as the quality of amenities and location - Objective data points such as demand/search volumes, utilisation/activity data from sensors, access control, or mobile phone tracking. Risk or Opportunity ?

Transforming Downtowns: A Striv Designs Perspective At Striv Designs, we're always on the lookout for innovative ideas that shape the future of urban spaces. Recently, we came across an insightful article by Gensler that delves into the revitalization of downtown areas, and we couldn't resist adding our own perspective to it. The piece highlights the evolving role of office spaces in downtown revitalization efforts. Traditionally, downtowns were primarily commercial hubs, with offices dominating the landscape. However, with the rise of remote work and the shift towards hybrid models, the conventional office space is undergoing a transformation. This shift presents both challenges and opportunities for downtown revitalization efforts. For Striv Designs, this transformation is not just a trend to observe but an opportunity to innovate. We believe that the future of downtowns lies in creating multifunctional spaces that cater to a diverse range of needs. Our approach goes beyond traditional office designs to encompass a holistic view of urban living. One key aspect emphasized in the article is the importance of mixed-use developments. Integrating residential, retail, and entertainment options alongside office spaces can breathe new life into downtown areas. At Striv Designs, we specialize in designing such integrated spaces that foster community engagement and create vibrant urban environments. Moreover, the article underscores the significance of technology in shaping the future of work and urban living. At Striv Designs, we leverage cutting-edge technology to create smart, sustainable spaces that adapt to the needs of modern businesses and residents. From IoT-enabled infrastructure to AI-driven design solutions, we're at the forefront of innovation in urban design. Another crucial point raised in the article is the need for collaboration between stakeholders to drive downtown revitalization efforts. At Striv Designs, we believe in the power of partnerships and collaboration. By working closely with local governments, developers, and community organizations, we can co-create spaces that reflect the unique identity and aspirations of each downtown area. In conclusion, the article by Gensler sheds light on the evolving dynamics of downtown revitalization, and at Striv Designs, we're excited to be part of this transformative journey. By embracing innovation, embracing technology, and fostering collaboration, we can create downtown spaces that thrive in the digital age while preserving their historic charm and character. #StrivDesigns #UrbanRevitalization #DowntownTransformation #SmartCities #InnovationInDesign #CommunityEngagement #MixedUseDevelopment #SustainableSpaces #FutureOfWork #CollaborativeDesign #UrbanLiving #TechIntegration #IoT #AIinDesign #RevitalizeDowntowns #CityPlanning

Great insights into one of the hottest niches in multifamily: turning vacant offices, hotels, and even abandoned factories into apartments. #adaptivereuse #residentialrealestate #sustainabledevelopment #sustainabilitysolutions

Metropolitan areas throughout the nation, notably Los Angeles, San Francisco, Chicago, Washington, D.C., Boston, and New York, are taking steps to make adaptive reuse easier and more cost-effective for developers. These initiatives are part of the effort towards addressing ongoing housing shortages as well as provide opportunities for new commercial uses for underutilized real estate. Only a fraction, around 10% or less, of office buildings can be transformed into residential units. Therefore, it makes sense to allow repositioning for other uses such as retail business, light industrial, or storage.  Check out this insightful article by Nareit.  https://lnkd.in/gAm7W3rM