Condo Consequence - Winter/Spring 2007

During times of increasing market demand, commercial condominium ownership offers a vehicle for small users to own their own property.  One of the most active markets recently was apartment building conversions to residential condominiums and similarly, rental office parks have been purchased with the intent of converting the units to office condominiums.  A problem arises when aging multi-tenant office buildings are purchased for conversion to condominiums when the reality is that the functional life is ending and the buildings should be demolished.  The result is future assemblage of units for redevelopment is hugely exacerbated by multi-ownership and the community must tolerate a marginal development.