The commercial real estate market in the U.S. is huge. There are over 5.9 million commercial buildings, and the market volume is projected to be $28.18 trillion by 2028. One of the rising stars in commercial real estate is the adaptive reuse and redevelopment of commercial properties.

What is Adaptive Reuse and Redevelopment of Commercial Properties?

Adaptive reuse and redevelopment of commercial properties are defined as repurposing an old building for a new use while keeping any historic features or structures of the original building. This differs from a property renovation, where the building’s use stays the same once the construction project is complete.

What Kinds of Properties can be Adaptively Reused and Redeveloped?

Commercial property redevelopment can be done creatively to revitalize old buildings and give them new life in many new formats: Transforming industrial buildings into apartments, retail spaces, or apartments. Converting old churches into art galleries, event venues, or restaurants. Repurposing former schools into mixed-use developments, libraries, or community centers. Changing abandoned train stations and airports into parks, public markets, or museums and creating a new life for abandoned theaters, hotels, or hospitals. There are many transformative possibilities with the visionary redevelopment of commercial properties.

The Benefits of Redevelopment of Commercial Properties for Investors and Developers

The benefits of redevelopment of commercial properties for investors and developers include finding excellent locations that otherwise might not be available. Adaptive properties can come with tax credits. Local cities may provide reuse incentive programs that offer relaxed density, parking, and accessibility requirements, along with different zoning requirements. Some older buildings were constructed with materials like stone, which are sturdy and have energy savings potential.

Strategies for Success with Redevelopment of Commercial Properties

Consider these strategies for success with the redevelopment of commercial properties:

  1. Choose a great location to optimize the chances of success.
  2. When selecting a location, do thorough due diligence to ensure that there are no problems with zoning or code compliance, and be sure to understand any rules regarding historic preservation.
  3. Budget for unanticipated surprises since older buildings may require asbestos removal and many electrical and plumbing changes.
  4. Work with experienced, proven, and local partners.
  5. If tax credits are available, be sure to get them. 

Seek Expert Real Estate Services to Find Your Perfect Location 

Caldwell Commercial Real Estate is your trusted partner in commercial real estate in Charleston, SC. We offer leasing and sales, development, and property management services. Our commercial realtors and property managers have extensive experience, so you can rest easy knowing your needs will be met with superior results and satisfaction.