We talked about adding rezoning into your specialty in the last article. Now let’s talk about ideas on rezoning a struggling office building for other uses.
Here are some ideas for potential rezoning opportunities:
#1 Retail or Mixed-Use Development. Rezone the office building for retail or mixed-use development is great way to diversify the rent roll. This could involve converting some floors into retail spaces or creating a combination of retail, office, and residential areas to create a vibrant mixed-use complex.
#2 Educational Use. Transform an office building into an educational facility, such as a school, college, or training center. This may require modifications to accommodate classrooms, labs, administrative areas, and recreational spaces.
#3 Healthcare or Medical Facility. If possible, repurposing an office building for healthcare or medical purposes is a great way to lease the space. Be aware, sometimes zoning requires you to be a minimum distance to a hospital. But if you meet qualifications, this could involve creating doctors’ offices, clinics, diagnostic centers, dental practices, or specialized medical facilities. Ensure compliance with healthcare regulations and consider accessibility requirements. You may need to redevelop your parking lot for this one too.
#4 Cultural or Arts Center. This could involve creating exhibition spaces, theaters, galleries, performance venues, art classes, and studios for artists.
#5 Entertainment or Recreational Complex. This could involve incorporating activities like bowling alleys, arcades, indoor sports facilities, or escape rooms. Ensure compliance with safety regulations and zoning requirements for such establishments.
#6 Data Centers. Repurpose the office building into a data center or server farm. As the demand for data storage and processing increases, converting an office space into a data center can be a viable option. Ensure appropriate cooling, power supply, and security measures are in place.
#7 Community Center. Rezone the office building as a community center, providing spaces for various community activities and services. This could include meeting rooms, event spaces, recreational facilities, and support services for local residents.
Now you have some ideas on how your clients can rethink their struggling office building.
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