🏢 Make Office-to-Residential Work for You
Stay ahead of the curve by understanding how to profit from office-to-residential conversions.
🔍 Problem
The vacancy rates for office spaces are high while housing vacancy rates are at historic lows.
💡 Solution
Converting office buildings into apartments is an opportunity to turn existing office properties into profitable assets, meeting the demand for housing in many cities.
🏁 Players
Urban Investment Partners (UIP)
Lowe
Foutch Brothers
CetraRuddy
🔮 Predictions
Office-to-apartment conversions will become more prevalent as developers seek to capitalize on the contrasting market conditions of the office and housing sectors.
As the trend of remote work continues, more office spaces could be converted into residential units.
☁️ Opportunities
Take advantage of the parking spaces that come with office buildings in metro areas.
Leverage the ample lighting from the existing office building facades for residential units.
Make use of the existing utilities in office spaces for amenities in the apartment complex.
🔑 Key Lessons
Converting office buildings into apartments can be beneficial due to more parking spaces, ample lighting, and the potential for unique amenities.
The design impact of office spaces can lead to larger non-rentable square footage, requiring more creative planning.
Maintaining the structural integrity of the building during the conversion is crucial.
✋ Risks
"Office buildings may not be suitable for residential use."
Proper planning and architectural design can help overcome this risk and make the conversion successful.
"There may be a larger amount of non-rentable square footage."
Creative use of non-rentable areas, like turning them into amenities, can help offset this risk.
"Conversion costs may be high."
A detailed cost-benefit analysis can help determine if the conversion is financially viable.
🔗 Links
Developers Convert Unused Offices Apartments at Record Pace
The Country’s Biggest Office-to-Apartment Conversion
How to Make Office-to-Residential Conversions Work
Paid members get a more in-depth report that includes:
Market Trends and Predictions
Creative Financing Options
How to Find Office Buildings That Are Perfect for Turning Residential
School to Apartment Conversion Case Study