The Winter 2024 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey has revealed that nearly a quarter (21 percent) of California real estate owners and operators plan to redevelop existing office space over the next three years for alternative purposes across multifamily, industrial and retail. The findings underscore the industry’s growing lack of conviction in the sector as high interest rates, declining valuations and ongoing remote work continue to impact office buildings across the nation.
The Allen Matkins/UCLA Anderson Forecast is a bi-annual survey that polls a panel of California’s real estate professionals to project a three-year ahead outlook for commercial real estate and the macroeconomic trends impacting industry participants across the multifamily, office, retail and industrial markets.
“With a significant portion of the office market continuing to underperform, there is increased focus on the conversion