Once and Future Architecture
How Creative Renovation Became Good Business

Who doesn’t have a soft spot for elegant vintage buildings full of local history? Take a walk around most urban areas and you’ll see an intriguing combination of revitalized old structures and sleek, modern buildings and.

Projects like these, called property conversions or redevelopment, are popping up all over the country. Rather than starting from scratch on new buildings, many developers are finding new ways to utilize existing space. In the process, they are revitalizing neglected pockets of downtown real estate, as abandoned warehouses metamorphose into elegant offices and storefronts.

In many cities, commercial building owners and landlords are getting creative as construction costs rise and rental rates don’t. Developers are finding that, in order to get adequate financing for new construction, their property rental rates have to start at rates that are often above market. When this happens redevelopment becomes an attractive strategy for providing updated office space at lower rents than a completely new building would require.

Many businesses are attracted to office properties with vintage character. Revitalized warehouses can accommodates a wide variety of these types of businesses, from one- or two-person shops to large firms, from high-tech companies to ad agencies to law and accounting firms.

Environmentally speaking, re-using an old building and bringing it up to modern standards and codes is an infinitely greener move than demolishing and rebuilding. But revitalizing has its challenges. Often project developers have to deal with numerous environmental issues, including lead paint and petroleum contamination. Challenges like these can add significant remediation costs.

It’s no mystery why property conversions are so popular. They preserve and enhance the character of downtown streets and communities. They make sense environmentally, recycling structures and materials and advancing the trend toward greener building practices. And they offer an economical, creative real estate strategy, enabling developers and landlords to offer unique, chic commercial space at reasonable rents while keeping beloved old buildings alive.