Keeping up with the demands of an ever-evolving commercial real estate (CRE) market is a key challenge when making a resilient investment. As demands change, space usage evolves, and development locations shift, global CRE is constantly morphing, leaving some properties at risk for obsolescence. A recent JLL report, Opportunity through obsolescence, explores the opportunities available to turn this risk into return.
“JLL finds that of the 776 million square meters of existing office space across 66 markets globally, about half of that space, or 322-425 million square meters, is likely to require substantial investment to remain viable in the near term – an investment of approximately $933 billion-$1.2 trillion in spending. Proactive engagement to retrofit and update existing assets will be key to unlocking opportunities for value creation through strategic investment and adaptation, particularly in the U.S. and Europe, where 78 percent of office product and
