Transforming Spaces: Jamison Properties and the Shift to Residential Living
Southern California is grappling with a significant housing affordability crisis, which has only intensified due to recent wildfires that ravaged numerous properties and claimed lives. In response, Jamison Properties, a prominent developer based in Los Angeles, is leading the charge in converting underutilized office spaces into residential units, aiming to combat this pressing issue.
The Emergence of Jamison Properties
Founded in 1995 by David Y. Lee, Jamison Properties boasts a remarkable portfolio of approximately 18 million square feet. The firm has completed seven successful adaptive reuse projects since 2013, with additional projects currently underway and many more in the planning stages.
Addressing Office Vacancy: A New Opportunity
With office vacancy rates soaring—close to 24% in greater Los Angeles and an alarming 33.3% in Downtown L.A.1—Jamison sees an opportunity in the adaptation of these empty spaces. Recent data from CBRE indicates that the need for residential units is on the rise, making office-to-residential conversions not just desirable, but essential for the community.
Insights from Garrett Lee, President of Jamison Properties
In an enlightening interview with Commercial Observer, Garrett Lee, president of Jamison Properties, shared insights into the firm’s strategy concerning adaptive reuse projects.
Origins of Adaptive Reuse Interest
Initially focused on commercial office and retail spaces, Jamison Properties pivoted towards adaptive reuse in response to the city’s housing shortage and rising office vacancies following the Great Recession. Lee articulated, “It was a perfect formula to take a vacant office building and convert it to residential.”
Lessons Learned from Over a Decade in Conversions
Since the opening of their first conversion project, The Westmore, in 2013, Jamison has gained valuable experience in this unique sector. Lee emphasized the importance of working with experienced contractors familiar with adaptive reuse processes, noting that structural retrofitting is often necessary. Efficient reuse of existing building materials also contributes significantly to project cost-efficiency and timelines.
Challenges and Misconceptions
Lee pointed out that while unforeseen structural issues are common in conversion projects, nimbleness and quick decision-making can mitigate delays. Moreover, contrary to popular belief, finished conversion projects often resemble newly constructed apartments, delivering high quality and desirable amenities close to urban transit.
The Future of Adaptive Reuse
Currently, there are about 4,400 units from conversion projects in the pipeline across Los Angeles, with potential for expansion impeded by regulatory challenges. Lee noted that the proposed citywide adaptive reuse ordinance, expected to receive approval, could substantially broaden opportunities for conversion beyond currently allowed areas.
Contributing to the Housing Crisis Solution
As the demand for housing continues to escalate, the role of adaptive reuse in Southern California becomes increasingly vital. Lee stated, “If you just think about how much empty office there is in L.A. that’s not being used, and then how much housing we need — it just makes perfect sense that we should be able to do this.”
Looking Ahead
With the anticipated citywide ordinance likely to propel further adaptive reuse projects, Jamison Properties plans to explore more conversion opportunities in areas that have been previously restricted. As L.A. confronts its challenges, including natural disasters and fiscal constraints, the city’s resilience remains robust, and so too does the potential for adaptive reuse to deliver impactful housing solutions.
For further inquiries, please contact Nick Trombola.