Today marks a milestone I never imagined when I wrote my first column 10 years ago for the Southern California News Group.
Back then, I approached commercial real estate as a puzzle: complex, fascinating and full of moving parts.
Ten years later, that hasn’t changed, but the pieces themselves certainly have.
Writing this column has given me a front-row seat to some of the most dramatic transformations in the industry, many of which have touched not just buildings and businesses but the way we live, work, and shop. To mark this anniversary, I’ve reflected on the 10 biggest events and trends that have shaped commercial real estate over the past decade.
1. E-commerce vs. traditional retail
It’s hard to overstate how much e-commerce has changed the retail landscape. When I started writing, shopping malls were struggling, but most still felt like community hubs. Today, many of those same malls have been converted into warehouses, medical centers, or even housing. The retail spaces that survived learned to adapt, focusing on experiences that can’t be replicated online.
2. The co-working Revolution
Remember when co-working spaces were just for freelancers? Then came WeWork, which turned flexible office space into a global phenomenon before its very public implosion. Despite WeWork’s struggles, the concept of flexible office space took root, and today, hybrid work models have made flexibility more important than ever.
3. Industrial real estate boom
Ten years ago, warehouses were the quiet workhorses of real estate. Now, they’re the rock stars. E-commerce and the need for faster deliveries turned industrial space into one of the hottest commodities in Southern California, with the Inland Empire leading the charge. Finding available space became a challenge as rents soared and demand outpaced supply.
4. Pandemic’s impact on offices
COVID-19 changed everything—especially how and where we work. Remote work, once a perk, became a necessity, and it sent shockwaves through the office market. Companies downsized, reconfigured, or questioned their need for physical offices altogether. Landlords are still figuring out what the future holds, and so are the rest of us.
5. Adaptive reuse gains traction
If the last decade taught us anything, it’s the value of reinvention. Underperforming malls, empty office buildings, and even old hotels were transformed into new uses like housing and mixed-use developments. Adaptive reuse isn’t just practical—it’s creative, and it highlights the industry’s ability to evolve.
6. Explosion of proptech
Technology found its way into every corner of real estate over the last decade. From smart buildings to digital platforms that streamline leasing and property management, PropTech became an essential tool. The days of handwritten rent checks and manual building inspections feel like ancient history now.
7. Affordable housing crisis
Southern California’s housing crunch became impossible to ignore. Every discussion about development now comes with a focus on affordability—or the lack thereof. The crisis has pushed the industry to grapple with tough questions about zoning, density, and who real estate truly serves.
8. Climate change imperative
Sustainability moved from being a “nice-to-have” to a “must-have.” Green buildings, renewable energy, and water-efficient designs are now priorities, especially in Southern California. Climate-conscious development isn’t just about compliance anymore—it’s about future-proofing properties for the generations to come.
9. Opportunity zones
When Opportunity Zones debuted in 2017, they were hailed as a game-changer for distressed communities. While they did spur development, they also sparked debates about whether they truly benefited the people they were meant to help. Still, the program left its mark on how we think about incentives and investment.
10. Institutional investors in housing
If you’ve struggled to buy a home in recent years, you’re not alone—and institutional investors are part of the story. Over the last decade, major players entered the single-family rental market, buying up homes in bulk and changing the dynamics of suburban housing. The shift sparked debates over affordability and fairness, but one thing is certain: it reshaped the market.
Reflecting on these changes, I’m struck by one constant: real estate never stands still. It adapts, reinvents itself, and reflects the world we live in — sometimes for better, sometimes for worse, but always with a story to tell.
Writing this column has been one of the greatest privileges of my career. It’s given me the incentive to reflect, introduced me to some awesome people and enabled me to highlight issues that confront owners and occupants of commercial real estate.
I’m grateful for your readership!
Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.
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