As an investor, there are many things that can be done with such a considerable amount of space, but renting out or repurposing a large property like this can seem like a daunting task if you’re not sure what types of businesses to market the space to.
Good options for repurposing retail stores include pop-up shops, art galleries and communal work spaces.
Even though many major retailers are becoming extinct, there are companies like Amazon that need storage space and empty warehouses.
One of the best ways to repurpose large empty buildings is to divide them up into smaller spaces that can be more easily rented.
Space can be divided into meeting rooms, daycare facilities, gyms and satellite office space for nonprofits.
The retail landscape is evolving and we’re starting to see co-working or flexible office space replace or enhance retail.
Staples is now adding co-working into their existing space to bring experience to their retail product, and other retail spaces are transforming entirely into office or meeting space-like Saks and Barneys with Convene and Industrious, respectively.