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Commercial real estate firm Avison Young released a report detailing recent trends related to repurposing older, outmoded buildings into residential, office, and retail spaces. The report, titled “Adaptive Reuse Projects: What’s Old is New Again,” advocates for repurposing, arguing that when executed properly these projects are often better than new developments.
“Adaptive reuse projects take many forms; however, in its simplest definition, adaptive reuse is the redevelopment of a functionally, or financially, obsolete real estate property into a newer and better use,” says Ted Stratigos, principal at Avison Young’s Long Island office. “With this increasing trend, especially in established areas in the United States where vacant and developable land is scarce, many cities and communities welcome these transformations, as they usually spread to other buildings and public spaces—often revitalizing an entire area.”
Stratigos cites Long Island in New York City as a prime example of well-executed adaptive reuse, praising Brooklyn for its borough-wide transformation, as well as recent repurposing efforts in Queens.
“On Long Island, the growing demand for live-work-play lifestyles has triggered the transformation of an area long utilized for industrial, manufacturing, and distribution into retail and multi-residential properties,” says Stratigos. “These highly attractive projects have area-wide benefits to employees, residents, and the entire community.”
To read the full report, click here.
