One of the growing trends in commercial real estate is converting vacated office space into industrial use.
Since the onset of the pandemic, more employees have been working from home. While office vacancies in some markets are recovering, it's still nowhere close to 2019 levels.
Of course, CRE developers have noticed that trend and are getting creative. During the year-to-date through August, a recent JLL report shows that 17.3 million square feet of office space has been converted into other property types in the country. And since the 1990s, that number has exceeded 150 million square feet.
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