Downtown booming (Detroit: apartments, loft, condos)

[y2c313]

https://detroit.curbed.com/2019/4/10...ancy-rate-fall

[Coldjensens]

It would be pretty easy to convert the office towers that were converted to condos, back into offices.

[y2c313]

I hope they consider that. The more bodies living downtown and the surrounding area, the better.

[craig11152]

Originally Posted by Coldjensens

It would be pretty easy to convert the office towers that were converted to condos, back into offices.

As condos are they empty? If not empty how are you proposing to take back property?
If they are empty how come? I thought things were booming in the city core.

[Nattering Heights]

"lack of Class A office space in Detroit, which is defined by the Building Owners and Managers Association as “high quality standard finishes, state of the art systems, exceptional accessibility"

Corporations want more of a rare item. I want more dry weather in spring.

[Coldjensens]

Originally Posted by craig11152

As condos are they empty? If not empty how are you proposing to take back property?
If they are empty how come? I thought things were booming in the city core.

The sell out before the projects are finished. Some are empty, some not. Many get bought and then used only occasionally. Apartments sell out faster and are generally occupied, although some of the more high end apartments are just kept for company use as well. I am not sure how the Stott is doing. Stott is the latest monster tower to come online. I do not know when the move in dates were or are but it does not appear to be fully occupied.

It is a question of demand. If the demand for class A office space gets big enough, it will be worthwhile to convert apartments or buy out condos and convert back to office space.

[mjlo]

Originally Posted by Coldjensens

The sell out before the projects are finished. Some are empty, some not. Many get bought and then used only occasionally. Apartments sell out faster and are generally occupied, although some of the more high end apartments are just kept for company use as well. I am not sure how the Stott is doing. Stott is the latest monster tower to come online. I do not know when the move in dates were or are but it does not appear to be fully occupied.

It is a question of demand. If the demand for class A office space gets big enough, it will be worthwhile to convert apartments or buy out condos and convert back to office space.

At that point I think the best bet would be to just build new buildings. It would still be cheaper than the type of "commercial gentrification" you're referring to. I'm not sure what examples are out there of office to loft conversions, converting back into office. Either way Dan Gilbert and Bedrock have a whole bunch of new Class A office in the pipeline.