Conversions

Every conversion starts with the same question: is the building worth more as what it is, or as what it could become? Office-to-residential, office-to-lab, rental-to-condo. Each conversion type has its own cost structure, its own feasibility thresholds, and its own set of physical building attributes that determine whether the project pencils or not. The shared thread is that the acquisition basis needs to be low enough, and the end-use value high enough, to absorb conversion costs that typically run $100 to $500 per square foot depending on scope.

These four articles cover the general adaptive reuse framework and the three dominant conversion types in institutional CRE. Start with the adaptive reuse framework for the decision methodology. Then go deep on the specific conversion type you are evaluating. Each article includes worked examples, cost benchmarks, and the building suitability criteria that determine feasibility before you model anything.