Why Adaptive Reuse Is the Right Choice for Repurposing Buildings
There has been a notable increase in adaptive reuse throughout the real estate industry. Investors and buyers now see that adaptive reuse comes in several forms, and the possibilities of projects are endless. According to projections, 90 percent of real estate growth within the next 10 years will entail the adaptive reuse of existing buildings rather than new construction. Many variables have contributed to this significant shift. Still, one major factor is a greater understanding of real estate development’s effect on the environment and the need for sustainability within the industry.
What Is Adaptive Reuse?
While adaptive reuse is most commonly associated with repositioning an architecturally significant historic building for a new use, there is much more to the process. The definition can be easily broadened to include repurposing vacant, unused, underutilized, foreclosed, and abandoned buildings to new, sustainable, and better utilization.
Common Reasons for Adaptive Reuse
The most common reason for adaptive reuse projects is to increase building efficiency and decrease maintenance. Adaptive reuse can be seen in several forms, especially in commercial real estate. The opportunities are boundless, and with the right team, unique projects can be accomplished.
Some examples include:
- Converting retail spaces into offices or restaurants.
- Renovating an old multifamily apartment but keeping the same architectural design to align with the neighborhood standards.
- Repurposing a historic site into a museum.
- Converting an old building into an industrial warehouse.
Sustainability Highlights
According to The Environmental Protection Agency, U.S. construction demolitions added over 600 million tons of debris to the national waste stream in 2018 alone. Transparency Market Research released a statement that global annual construction waste is estimated to exceed 2.2 billion tons by 2025.
Through adaptive reuse projects, investors can reduce unnecessary large amounts of debris and mitigate adverse environmental impacts. Existing structures that are turned into adaptive reuse projects are typically located in markets with high population density and development, therefore, these projects provide a wealth of assistance in mitigating environmental damage in local communities. In the redevelopment process, old buildings are brought back to life in an environmentally friendly manner, saving resources, time, and materials. Tearing down an entire structure is not always the best solution, as it can be more costly and time-consuming than repurposing.
Benefits of Adaptive Reuse
Depending on the circumstances, adaptive reuse may be referred to as property rehabilitation or historic redevelopment. Regardless, the procedure and overall objective remain the same: to save discarded, run-down structures from a catastrophic fate and find them new life. It is also a way to ensure that people or companies are not wasting effort on destroying buildings unnecessarily.
Reusing historic assets also enables attractive architectural characteristics to be retained and honored.
Risks Associated
Majority of the time, average construction costs for reuse projects are marginally lower than new-build projects. However, some adaptive reuse projects can be more expensive. Several factors can contribute to these higher expenses, including foundations, superstructures, and MEP systems, all of which typically require major work or replacement, resulting in higher labor costs.
Additionally, some project logistics can be more complex, and unique materials may be necessary. The building must also be up to code, which may require additional fees.
Takeaway
Overall, the ability to preserve buildings and historic architecture in an environmentally sustainable manner is the motivating force behind adaptive reuse. Mass manufacturing, imitation, and wasting valuable resources have become the norm. Adaptive reuse stops the harmful cycle by expanding on previous storylines and adding new chapters without rewriting the entire book.
