Shaun Adams wrote an article for NAIOP’s 2023 Spring issue in Development Magazine about revitalizing aging office developments by activating underutilized parking to create vibrant mixed use environments.
“In reaction to emerging trends such as increased live/work environments, flexible working conditions and a departure from automobile dependency, developers and municipalities are adapting in order to keep pace,” he wrote. “One way has been to leverage the reduced demand for parking by activating underutilized surface parking areas to create mixed-use environments.”
“At the same time, many suburban areas are running out of greenfield space and are becoming redevelopment communities,” he continued. “The ability to activate vast, underutilized parking areas surrounding office buildings and create vibrant mixed-use developments can revitalize an aging property.”
“With greenfield sites harder to come by and workers accustomed to working remotely, creative redevelopment opportunities will become increasingly valuable to local jurisdictions. They can meet the housing demands created by population growth while ensuring the long-term viability of their office stock, which ultimately results in a healthy and vibrant community,” he wrote.
You can read the full article here: Reimagining Car-Centric Properties
Development magazine is the flagship publication of the Commercial Real Estate Development Association (NAIOP) and serves as a valuable and trusted source on the latest industry information and happenings for commercial real estate professionals. Development magazine is published quarterly and circulated to 22,000 readers.
You can subscribe to our latest articles and insights here.