Old Republic Exchange’s Post

Boston stands out with the largest office construction pipeline in the U.S., boasting nearly 13.9M SF under construction. This represents 5.6% of the existing market stock with greatly exceeds the 1.2% national average. This development activity includes significant contributions from submarkets like Cambridge, Seaport, and Fenway. The city's construction landscape positions Boston uniquely in the national office market context and reflects (relative) resilience. In other words, for those who are discouraged by the current office landscape - there are much worse market conditions out there. Keep your head up and "survive 2025." #office #construction #bostondevelopment #bostoncre https://lnkd.in/eMnAsXBv

🏙️ London's Construction Renewal: An inspiring report from The Construction Index sheds light on the revival of the London office construction market. 📊 Key takeaways from the article: - London's office construction sector is experiencing a significant resurgence. - Remarkable growth and activity in commercial office developments. - Insights into the driving forces behind this resurgence. - The role of technology and innovation in shaping the industry's future. Stay informed about London's construction landscape: https://lnkd.in/eXn8BEq4 #LondonConstruction #ConstructionRevival #IndustryInsights-

During 2023, Atlanta’s office market has slowed down and continued to adapt to macro-economic conditions. Construction activity has remained afloat, but developers started building smaller, according to the latest CommercialEdge data. The number of new properties that broke ground in the first 11 months of the year equaled last year’s number within the same timeframe, but the total space amounted to less than half of last year’s square footage. Learn more about how Atlanta's office market is evolving here: https://bit.ly/47nWxB1

The commercial office sector is undergoing a significant transformation due to a perfect storm of factors: the lingering effects of the pandemic, the escalating climate crisis, and current economic conditions. With nationwide office vacancy rates soaring to a record-high 19.6%, developers are seeking innovative solutions to attract tenants. A forward-thinking Texas-based developer is exploring the potential of #masstimberconstruction for a #speculativeoffice project. The project team is working to reimagine the building's design, focusing on sustainability, occupant well-being, and community engagement. See the WIN map for built spec office examples 🔗 https://lnkd.in/exNxEvs2 ARTICLE: https://lnkd.in/gZUZQuDG

Sustained growth in London building upgrade activity has lifted office construction to a record high in the first three months of 2024. “The desire for premium office space as well as the implementation of energy standards has powered projects centred on modernising outdated premises. This inclination to opt for refurbishment is a trend we foresee enduring over the next decade." https://lnkd.in/eVk4Q2bV

How to Convert Office Space to Housing: Opportunities and Challenges The pandemic has changed the way we work and live, leaving many office buildings empty or underused. Could these spaces be converted into housing units to address the housing crisis in many cities? Converting office space to housing is not an easy task, but it can be done under certain conditions. The article outlines some of the factors that affect the feasibility and success of conversion projects. . If you want to learn more about how to convert office space to housing, you can read the full article here https://lnkd.in/gxfv6R34

Conversions from office to rez make the front page of the Financial Post Front-page news! Our front page column in the Financial Post today underscores Canada's urgent need for creative housing solutions, focusing on Calgary's innovative approach to converting redundant office space into residential units. What makes Calgary's strategy remarkable is its simplicity. The city offers a straightforward incentive: $70 per square foot for office-to-residential conversions. No convoluted formulas, no burdensome paperwork—just a single variable, and it works. Calgary's commitment to efficient urban development is evident in its streamlined land-use change process. By accelerating applications and supporting developers with conversions, the city ensures that abandoned or semi-occupied buildings don't become financial burdens, instilling confidence in the city's commitment to progress. We also spotlight Gensler, an architecture and building science firm, which analyzed 1,300 office buildings across North America. Their findings reveal that nearly 30% of these structures are prime candidates for residential conversion. Read our column at https://lnkd.in/g6bnSXE9.

London has seen the highest volume of new office starts on record – with 5.1m sq ft of construction starting across 43 projects. Of these projects, five major schemes over 300,000 sq ft represented 40% of the total new start volume. According to Deloitte’s Winter #London Office Crane Survey refurbishment starts specifically have broken records with 34 projects underway delivering over 3m sq ft of space. The surge in refurbishments is driven by both the anticipated tightening of Minimum Energy Efficiency Standard (MEES) regulations, and demand for premium grade office space meeting client's sustainability aims. Including existing projects at the end of September, there were 124 schemes under construction across the central London market, with a total volume of 15.7m sq. ft. This represents a 9% increase on the total construction volume recorded in the last survey. Margaret Doyle - partner and chief insights officer at Deloitte, said: “Demand for premium office space is still fuelling rising construction new starts this year, but supply chain issues and other construction delays may continue to affect completion dates. Interestingly, developers we have spoken to seem to be more concerned about the supply of, rather than demand for, premium space."

Deloitte released its 2024 Manchester Crane Survey earlier this month and the city is still booming. 21 new project starts in 2023. 61 projects now on site across Manchester and Salford. Office space is opening up all over the place, and it's in demand. 1.5 million square feet is set to complete in 2024 and 38% of it is already pre-let. Better yet, developers aren't just putting up new builds - they're refurbing too. Over half of total office floorspace on the go in 2023 was refurbished space. And refurbished listed buildings total 31% of future pipeline. Reckon Manchester can keep up this pace of growth in the second half of the decade? Do we want it to? 🤔 Photo: Bruntwood's 'Bond', a renovation on Mosley Street, which opened in October 2023 👏