The demand for medical offices is also on the rise. Depending on the practice and on-site services provided, these are conversions that can work well for strip malls, shopping centers, and office buildings.
One of the reasons for the wide range of medical facility conversions is that the category covers a variety of business types. Medical specialists, dental offices, lab services, physical therapy, urgent care centers, and even veterinary care are the types of businesses that have taken up occupancy in converted spaces.
While these are the typical conversions taking place in retail and office spaces, other transformations are also reshaping the commercial landscape. Concert venues, childcare centers, food halls, and experiential retail have all moved into converted spaces.
Historic architecture has found new life as multifamily and mixed-use properties. Developers have also seen that blending residential with retail has proven to be very successful, finding cross-over compatibility, especially with high-end, open-air environments.
Besides their proximity to large population centers, retail spaces have other characteristics that make them suitable for conversion. They generally have ample parking and the buildings are structurally capable of conversion, which makes them efficient to transform to other uses.
Converting an unused space to a business that benefits the community will generally garner public support. Repurposing is also environmentally friendly. Construction costs and build time are significantly lower for conversions versus starting from the ground up.
As the commercial landscape shifts, retail, office, and other commercial spaces will need to consider these types of solutions for maintaining occupancy into the future.
Source: Omnia Pacific Construction, a division of CAM Property Services, is a construction company that specializes in revitalizing retail and commercial centers throughout Southern California.