Borrowing inspiration from past architectural designs for the sake of modernizing a commercial real estate space can become a form of artwork. It requires inspiration from a visionary mind to develop a renovation makeover from start to finish.
Thankfully, the time and investment are worth the many benefits adaptive reuse offers the commercial real estate industry and community involved.
What is Adaptive Reuse in Commercial Real Estate?
Before we dive in, let’s be clear about what adaptive reuse is and how it is specifically used in commercial real estate.
Adaptive reuse is a unique form of construction and development that utilizes an existing structure with the intent of repurposing it. There is no need to build a new foundation. The bare-bones structural elements of a commercial property are evaluated to determine what needs to be replaced and what may remain intact.
Commercial reuse projects start with an evaluation the property’s functionality and compare its design elements to current codes and standards that may not have existed when first built. Commercial adaptive reuse projects include necessary updates to buildings to suit their new purposes and intentional uses.
Let’s explore three major advantages gained when incorporating adaptive reuse in commercial real estate construction.
Benefits of Adaptive Reuse to Commercial Real Estate
Below you’ll find three of the most valuable benefits of adaptive reuse in commercial real estate.
- Significant Savings — Often, repurposing an existing commercial property is cheaper than starting from scratch — although the renovation demands may vary widely from one property to another. But in many cases it saves time and building costs to utilize as much as what is already available rather than rely on demolition and ground-up construction.
More economic benefits include avoiding the startup costs associated with zoning changes and some legal and financial initiatives depending on government jurisdiction.
- Environmentally Friendly — Nearly all sectors of business are becoming more environmentally sensitive and seeking ways to boost sustainability. Adaptive reuse projects provide environmentally friendly opportunities for developers.
Also, implementing adaptive reuse into a commercial property’s brand identity may help attract consumers who are equally environmentally conscious. Overall, there is significantly less waste when applying renovations and reduced consumption of new materials for these types of commercial projects.
- Historical Preservation — Commercial adaptive reuse not only applies to single buildings but also to entire sections of the community. Many historical districts invest large sums of money into revitalization efforts. Each town and city across the nation have unique historical stories tied into the existing architecture. In an effort to retain a part of history, adaptive reuse is often used to preserve older neighborhoods and keep them functioning in our modern era.
The benefits of adaptive reuse are more than what is mentioned above. However, you should now have a better understanding of what it means to venture into the world of commercial adaptive reuse and the positive opportunities it offers.
Plaza Companies is the Premier Choice of Commercial Real Estate
Plaza Companies is a full-service real estate firm specializing in leasing, management, construction, and development of some of the most innovative commercial real estate projects in Arizona.
Plaza Companies is successfully competitive in the commercial real estate space because of our ability to work in both revitalization and new-build projects. Our firm specializes in staying connected and conscientious of all emerging trends and laws.
Contact us today to learn more about leasing the right space or anything else we offer!