By AZRE | AZ Big Media
Commercial real estate (CRE) is a competitive industry. Landlords compete to attract tenants and investors compete to get the properties with the best potential returns. And, in this never-ending race, owners of office buildings invest in renovating properties to add curb appeal and state-of-the-art amenities to older buildings.
Using data provided by CommercialEdge, CommercialCafe set out to analyze how office property renovations progressed since the turn of the millennium, as well as the markets where they were most prevalent.
For this study, CommercialCafe only analyzed office buildings larger than 25,000 total square feet, and also made the distinction between complete renovations — which include upgrades to structural or mechanical systems in a property — and cosmetic renovations, which consist of purely visual upgrades applied to façades, lobbies or common areas. CommercialCafe also split markets into medium-sized — with a total office inventory between 50 million and 100 million square feet — and large markets with an inventory larger than 100 million square feet. CommercialCafe then ranked them based on the percentage of properties out of the total that were renovated between 2000 and 2019.
