Vacant Storefronts Are Killing Our Downtowns
One of the long-term effects of the Covid-19 pandemic is the way it has transformed office use, threatening the viability of storefront retail in downtown office buildings. Owners of such commercial properties are now often exploring converting vacant retail space into restaurants and other experiential venues. But the range of alternative options needs to be expanded – and small-scale manufacturing offers a proven, yet often overlooked, solution.
The need for alternative options is apparent from the scale of the problem. In the last quarter of 2023, the national office vacancy rate hit a record-breaking 19.6%, per Moody’s Analytics.