Amid tense real estate climate, this subdivision exception could help D.C. developers navigate through
The current economic outlook for the Washington, D.C. metropolitan area forecasts a slowdown clouded in uncertainty. With the office real estate market being significantly impacted by high vacancy rates, declining property values and reduced demand driven by remote work and federal government downsizing, local jurisdictions are implementing programs and incentives for property owners and developers to convert vacant office buildings to residential spaces.
This article examines the potential benefits of using non-traditional condominiums, such as land condominiums or mixed-use condominiums, to best position the asset.