Revitalizing Inherited Commercial Real Estate: A Guide for Millennials and Gen-Z
As children and grandchildren inherit commercial real estate from their families, many are stepping into the unique challenge of managing complex spaces that may no longer serve their original purpose. Whether it’s a shuttered storefront, an historic structure or an apartment building, or a warehouse that’s seen better days, these properties come with both opportunities and obstacles.
From our perspective as a firm that specializes in repurposing commercial real estate, there’s something especially rewarding about transforming these spaces into something that benefits both the owners and the communities they serve.
The Challenges of Aging Commercial Properties
Inheriting commercial real estate often means dealing with structures that were designed for a different era. You might be looking at outdated layouts, inefficient systems, or even spaces that no longer comply with modern building codes.
At the same time, these properties often have untapped potential—unique architectural features, excellent locations, or solid construction. The challenge is figuring out how to repurpose them for today’s needs while honoring the character and history they represent.
Inheritance and the Shift Toward Repurposing
One of the things I admire about millennials and Gen-Z is their focus on sustainability and innovation. This generation tends to value repurposing what already exists over tearing down and starting fresh. With commercial real estate, this approach is especially valuable.
Whether it’s turning a vacant retail space into a co-working hub, converting an old warehouse into loft apartments, or reimagining a small office building as a community center, millennials are embracing creative ways to breathe new life into these spaces.
Tips for Transforming Inherited Commercial Real Estate
If you’ve inherited a commercial property and aren’t sure where to start, here are some steps to consider:
1. Update for Modern Standards
Commercial properties often require updates to meet safety and accessibility codes. Upgrading HVAC systems, installing energy-efficient lighting, or adding accessible entrances can make the property functional for a new purpose.
2. Evaluate the Building’s Potential
Take stock of the property’s strengths. Is it in a prime location? Does it have unique architectural details or a layout that lends itself to adaptive reuse? Understanding what’s worth preserving will guide your planning.
3. Think About the Community’s Needs
Consider how the property could serve the local community. Could it become affordable housing, a mixed-use space, or a gathering spot? Matching the building’s potential to community needs can enhance its value and impact.
4. Repurpose Creatively
Commercial spaces are often designed with flexibility in mind, which makes them great candidates for repurposing. A former warehouse, for example, can become an event venue, a studio, or even an indoor market.
5. Take It One Step at a Time
Revitalizing a commercial property is often a big undertaking, so it’s okay to prioritize updates. Start with essentials like structural repairs and energy systems, then move on to cosmetic improvements and finishing touches. Building surgery is not the easiest work and we make it possible.
Embracing the Possibilities
Transforming an inherited commercial property is a chance to preserve a piece of history while making it relevant and functional for today’s world. It’s a journey that requires creativity, patience, and vision, but the rewards are worth it.
As someone who’s been a part of many commercial revitalization projects, I’ve seen how these spaces can evolve into something truly meaningful—whether they become thriving businesses, community hubs, or innovative housing solutions.
If you’ve inherited a commercial property and are wondering what’s next, remember that every great project starts with a single idea. Take your time, lean on experts when you need to, and think about how your space can make an impact for years to come.
Do you have questions about your inherited property?