I think this article perhaps misses the real story. That being, office parks first built in 25+ years ago are reaching an age where their long term leases are expiring and they need to be renovated for the first time since being constructed to attract new tenants. While it makes sense to renovate an old factory and turn it into trendy office space with exposed brick and vintage architectural details from decades past…
One common occurrence where I live is that county and cities are buying up the old office parks and even strip malls to convert them into government buildings. Most are ideally located as well as being offered up for sale cheaply. Seen even a few charitable organizations buy up parts of a strip mall for the cheap space by square foot. Besides the age a lot of REITs cashed out awhile ago and I am not sure the market i…
The point of the grandparent comment is that these buildings are old and in need of expensive maintenance. Why should any government body move in such a building? Can they provide the needed maintenance cheaper that the current owner would do? Or will they move their offices in a decrepit building?