Across the United States, many cities and towns are facing the burden of empty office space. Changes in the economy and business downsizing led to an increase in unoccupied commercial space. Empty buildings negatively impact tax revenue and are often the targets for graffiti, the homeless, 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 poised to solve the problem of empty office space. Companies, municipalities, 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 consumers. Empty office buildings are easily converted to warehouses by removing inner walls and partitions. Whether the space is located in an urban area or in a suburban strip mall, the competition to reach consumers in record time is fierce.
As rental prices continue to increase, there is also an increasing need for affordable housing. Many demographic groups, such as the elderly, disabled veterans, and the homeless seeking to get off the streets, are finding it increasingly difficult to keep pace with rent increases. Empty commercial space that is converted to living space can create a bustling neighborhood that will attract needed services and boost tax revenue for cities.
Low-income populations are not the only ones in need of affordable housing. Rising housing prices have left many people still recovering from the Great Recession out of the home-buying market.
JM Mullen Electrical Services can provide turn-key solutions for commercial real estate undergoing a transformation. We can rewire an empty space being renovated for housing or upgrade an entire commercial space. We provide competitive pricing, consultation, and efficient project management to ensure your project is completed on time and on budget. Call today to arrange for a consultation.