Repurpose Your Office Space with 3D Visualization

After a few years of recalibrating, the real estate industry has largely accepted that the office sector will not be returning to its pre-pandemic state, as employee work and commuting preferences are standing firm. Take Dallas - where Green Grass Studios is based - the office vacancy rate for Dallas’ central business district is nearly 31% according to recent figures from CBRE. Office buildings appear to have lost their previous appeal to investors, with sales transactions down more than twice as much as other major property types, per a market report by PWC. This shift is bound to have collateral impacts on downtowns and other property sectors reliant on a thriving office market.

This reset in occupancy levels has prompted an effort to redevelop obsolete office buildings and renovate central business districts that will serve the industry well going forward. In data provided by CBRE as of Q3 2023, 346 office conversion projects have already completed and another 333 are underway or have been announced. In addition to those underway, Columbia University and NBER identified 149 office properties in Texas' four largest urban areas that would be good candidates for office-to-residential conversions .?

While this is a very small percentage of the total office market considering permitting or structural feasibility, repurposing these spaces into mixed-use developments or residential housing addresses the changing landscape of work - creating environments that cater to a variety of lifestyle needs. For those committing to a bigger shift by integrating residential units with commercial and recreational spaces, these projects can become hubs where people can live, work, and play providing the sense of community many are desiring.

When approaching a building or location that has a decades long reputation, changing public opinion requires a visual approach to marketing. Leveraging 3D renderings or an animated virtual tour for reimagining office space is a strategy that can immediately capture an audience. As technology continues to advance, the use of visually stunning 3D renderings that show a realistic perspective is a powerful tool in showcasing office spaces to new tenants, office conversions, or entire downtown redevelopments.?

Renderings offer a realistic representation of the layout, design, and overall ambiance, making it easier for clients to envision themselves in the space. The higher quality the renderings are, the most likely they can be confused with photographs. Incorporating 3D renderings into marketing collateral such as brochures, websites, and social media platforms elevates the overall quality of promotional materials. High-quality visuals grab attention and leave a lasting impression, setting the property apart in a crowded marketplace.

In the competitive landscape of office leasing, the incorporation of 3D renderings into marketing strategies is a transformative step towards engaging potential tenants. The ability to provide a realistic and immersive virtual experience not only sets a property apart but also streamlines the leasing process. As technology continues to evolve, the integration of 3D renderings is poised to become a standard practice in the commercial real estate industry, revolutionizing how office spaces are marketed and leased.

The repurposing of office spaces into mixed-use or residential developments is a dynamic response to the changing dynamics of work and living. Beyond meeting the practical needs of a shifting workforce, these transformations breathe new life into urban areas, fostering vibrant communities and sustainable growth. As developers and communities continue to embrace this trend, we can expect to witness the emergence of innovative, multifunctional spaces that redefine the way we live, work, and connect with our surroundings. Green Grass Studios is here to help visualize these changes at all stages of the development process. Reach out today for more information on our visualization and marketing services.

For a great article on the office conversion landscape in Texas, check out this piece in the Texas Tribune featuring a Green Grass Studios client Sara Terry.