Office Parks
A suburban landlord watched vacancy hit 42%, then pivoted to dentists and dermatologists — tenants whose customers can
The office park was dying. In 2020, vacancy rates in suburban commercial real estate hit 18%. Landlords had spent decades building confidence on a simple assumption. Companies needed space. Then the pandemic forced a test. Remote work wasn't temporary. It was permanent. But here's where the economics got interesting. A landlord couldn't compete on price alone. A cheap empty space is still empty. So some began converting. Office to multifamily housing, office to flex warehouses, office to mixed use. One developer in suburban Dallas noticed something. Not all office was dying equally. Medical offices stayed full. Tenants paying $18 per square foot for dermatology clinics didn't leave. Dental practices didn't leave.
Watch the full reel free on MoonReelz — moonreelz.com