Conversions offer potential, but limited, options for obsolete offices - November 2023

CBRE’s latest national insight found that conversions may refuel urban economies that continue to suffer from reduced demand for office space, primarily older and obsolete buildings, and this trend is no different in the Greater Los Angeles, Orange County, and Inland Empire region (GLA-OC-IE). Not only do conversions make way for other property types in demand, but they also shed under-used office product that drag on market fundamentals.

There have been 23 office conversions since 2016 in the GLA-OC-IE region, with 9 underway or planned. There have been 24 demolitions during that same time, with 34 underway, planned, or proposed.