The Best Ever CRE Show JF 3865: Garage Condos, Flex Space, and Building a Category of One ft. Ben Lapidus
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Apr 4, 2025 Ben Lapidus, a real estate innovator and CEO of Playground, shares insights into the transformative world of garage condos—flexible spaces designed for luxury storage and personal use. Lapidus discusses the booming market catering to affluent buyers who prefer ownership over rental, and why selling units can yield better returns. He delves into zoning challenges, community-building through clubhouse amenities, and the demand from owners of 'big toys' like RVs. His vision includes scaling nationwide, focusing on outdoor-loving metros.
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Why Self-Storage Attracts Capital Now
- Self-storage benefits from fast rent resets and acted as an inflation hedge during recent inflationary periods.
- Institutional capital shifted into storage because rents reprice monthly unlike long commercial leases.
Flex Needs Purpose—Garage Condos Fit
- 'Flex' is a broad term that requires purpose-built design for different use cases.
- Garage condos are a distinct flex subtype focused on high-ceiling, utility-ready units for personal and small-business uses.
Frame Projects As Community Assets
- Tell a compelling planning story to municipal planners to get entitlements easier than for bland storage.
- Emphasize community uses and low-traffic retail/office possibilities when presenting garage condos.