A Top 10 List Highlighting The Biggest Real Estate Adaptive Reuse Themes of 2024
2024 was a busy year for the repurpose and adaptive reuse of commercial real estate
The bankruptcies of Rite Aid, Red Lobster, 99 Cents Only Stores, Big Lots, Conn’s, among others, resulted in thousands of store closures
Other retailers also trimmed store counts — even the last full size Kmart store in the U.S. closed for good
So what has become—or is becoming—of this real estate?
For the most part other retailers have been absorbing these spaces
But adaptive reuse options have also been popular—including by car wash and collision center operators, indoor pickleball proprietors, health care users and self storage owners like U-Haul
Click on the links below that highlight some of these reuses in a top 10 list of the biggest adaptive reuse real estate themes of 2024:
Thousands of drugstores closed in 2024; what are some options to repurpose former Rite Aid, Walgreens and CVS drugstores?
Approximately 700 new express car wash units opened 2024 — including creative repurposes of Big Box buildings, grocery stores and drugstores
Red Lobster and TGI Fridays are among the restaurant chains that filed for bankruptcy and closed restaurants in 2024. Will other restaurants take this space or could the buildings be converted into other uses?
The last full-size Kmart in the U.S. closed — but thousands of other Kmart buildings and sites have been repurposed or redeveloped
Indoor pickleball, padel and other recreational repurposes of Big Box space
Collision centers and body shops are adding sites — increasingly via adaptive reuse
Retailer bankruptcies have not left a trail of permanently vacant real estate. The majority of former Toys R Us, Bed Bath & Beyond and Sports Authority stores were quickly re-tenanted, repurposed or redeveloped
1 MM units and counting: U-Haul’s self storage business has been built via adaptive reuse
What happens to a company when its business model dies? Perhaps it remakes itself — like the video rental chain that became an adaptive reuse real estate company
From Big Box retail to church? The former Big Box buildings that now serve a higher calling
