Alexandria Real Estate's Joel Marcus says vacant office buildings sit in major U.S. cities as a 'monumental opportunity' to solve the housing supply crisis.
Alexandria Real Estate Equities CEO Joel Marcus says 996 million square feet of unused office space sits available to home developers.and CEO signaled there’s untapped potential in the sector that could make investors big bucks while solving an affordable housing crisis.
"This sits as a monumental opportunity, I think, for this country to take this stock of older office buildings," Alexandria Real Estate Equities founder and CEO Joel Marcus said on "" Monday. "Almost 996 million square feet by current account, and move that into a stock of housing because it sits there, and it just needs to be redeveloped."
Marcus, whose brokerage primarily deals with commercial real estate, argued there’s a plethora of vacant office buildings remaining from the pandemic, which will likely never see employees again, but could serve as redeveloped multi-family homes. "The numbers are staggering of really, older office [space] that is not currently being used," the CEO said. "And we have a housing shortage in this country, not only because of affordability but also because of just lack of locations and the regulations to get housing done."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
States target transgender health care in first bills of 2023More than two dozen bills seeking to restrict transgender health care access have been introduced across 11 states for the legislative sessions beginning in early 2023.
Read more »
Best TVs for 2023: Picks for every size and budgetIt's 2023, which means now is a great time to buy a TV. Here are some of the best options out there, according to CNET.
Read more »
January 2023 Reads for the Rest of UsEach month, I provide Ms. readers with a list of new books being published by writers from historically excluded groups. Here’s to a new year and, hopefully, a better one
Read more »
Best of CES 2023: High-tech eyebrows and a boba tea robotTech companies have showed off their latest products this week at CES, formerly known as the Consumer Electronics show.
Read more »
These Celebrities Dished On Their 2023 New Year's Resolutions“But, we are gonna get smarter, and we’re gonna have some success next year!” (via toofab)
Read more »
Best College Football Betting Sites: Top sportsbooks ranked – January 2023Here’s our guide to the top college football betting sites with information about the best promo codes and offers.
Read more »