Across the United States, many cities and towns are facing the heavy load of empty office space. Changes in the economy and business downsizing led to an increase in empty commercial space. Unoccupied buildings negatively affect tax revenue and are often the targets for the homeless, graffiti, and vandalism. They also decrease the value of surrounding property and create the feeling of an area in decline.
However, there is a growing trend ready to solve the problem of empty office space. Companies, cities, and real estate developers are looking at these buildings as an opportunity to fill business and residential needs.
As the quick-delivery competition between companies like Amazon and Walmart grows, there is a need for more warehouse space to locate merchandise closer to people. Empty office buildings are easily converted to warehouses by removing inner walls and partitions. Whether the space is located in a city or in a suburban strip mall, the competition to reach buyers in record time is strong.
As rental prices continue to increase, there is also an increasing need for low-priced housing. Many demographic groups, such as the old, disabled veterans, and the homeless trying to get off the streets, are finding it more and more very hard to keep pace with rent increases. Empty commercial space that is converted to living space can create a busy neighborhood that will attract needed services and boost economy for cities.
Low-income (groups of people/animals/things) are not the only ones in need of low-priced housing. Rising housing prices have left many people still recovering from the Great Recession out of the home-buying market.
GLZ Electrical can provide important solutions for commercial real estate going through a change. We can rewire an empty space being renovated for housing or upgrade a whole commercial space. We provide competitive pricing, , and efficient project management to make sure your project is completed on time and on budget. Call today to arrange a consultation.