In Coming Wave of Pandemic-Induced Vacancies, Some See Opportunity

As the outlook for retail, hotel and office space shifts, some developers are already planning to convert empty properties to new uses.

The pandemic is expected to drastically reshape commercial real estate, leaving thousands of vacant and underused spaces nationwide. But some developers and investors are keen to seize the chance to convert those properties into other uses.

Lord & Taylor’s flagship department store in Manhattan, for example, will soon house office workers for Amazon, and a tourist destination in the heart of Hollywood is getting a $100 million face-lift that includes converting underused retail spaces into offices...

RSK: There will need to be a whole lot of re-purposing going on to fill the needs. I still see malls and certain office buildings as residential and learning centers.

- - Volume: 8 - WEEK: 37 Date: 9/8/2020 8:21:21 AM -