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Michael Phillips
Propertyshe Podcast
Repositioning of Office Buildings in Urban Areas
The central part of Midtown was stagnant for about 12 to 15 years, but the rezoning of Midtown East allowed for the development of 'supersized' buildings like One Vanderbilt, which has been very successful. Repositioning office buildings as residential spaces is not a viable solution for most older office buildings. The future winners will be historic or modern buildings with a strong sense of identity or very innovative, environmentally friendly structures. The impact of AI will also necessitate finding new solutions for the middle-tier office stock in urban areas.
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