Source: Fox Business —
With the New Year comes new opportunities – and one real estate developer 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 “Mornings with Maria” 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.”
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