Across the US, adaptive reuse, or re-purposing of older real estate for new uses, is an accelerating trend. It’s gaining considerable traction in cities like Dallas-Fort Worth that are experiencing large population growth and an influx of workers drawn by new jobs. Other cities like Chicago and Los Angeles are seeing a revival of urban cores as workers and companies move back to city centers. As companies relocate and grow, and workers seek housing, both are finding adaptive reuse as an attractive and economically competitive alternative to new construction in the suburbs.
A recent study by the CCIM Institute and the Alabama Center for Real Estate found that adaptive reuse currently makes up only 1-2% of commercial real estate across the country. However, the study found that adaptive reuse is expected to double in the coming years. You can find a summary of the study in this article written by Madeline Fry of D Magazine.