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Experts in housing, building, and urban planning say it may be difficult to convert office space to livable, likeable residential housing, but there’s an urgent reason they’re trying.
Between 2016 and 2021, only about 30 office-to-residential projects came online each year, according to a July 2023 Deloitte study. And as of the time of the study, there were only 217 such ...
Story at a glance From city halls to the White House, officials across the U.S. are pushing to turn commercial real estate into housing in an effort to solve two national problems: the rising need ...
Plans were made to add 10 more floors to the existing 22, and to replace the red-brown brick exterior of the structure, or repaint it a light beige. The plan included about 1,300 apartments for the redeveloped building, which would make it the largest office-to-residential conversion in the country. Preparatory work began in mid-2023. [26] [8]
Office/residential – multi-family residential units within office building(s) Shopping mall conversion – residential and/or office units added (adjacent) to an existing standalone shopping mall Retail district retrofit – retrofitting of a suburban retail area to a more village-like appearance and mix of uses
Data from JLL, a commercial real estate firm, shows the gap between the average price per square foot of residential and office rental space has narrowed from 12% in 2009 to 8.6% in 2022.
Washington, D.C., announced a $2.5 million, 20-year tax abatement program for owners who added at least 10 housing units, and California set aside $400 million in incentives for office-to-resi ...
Mill Conversion or mill rehab is a form of adaptive reuse in which a historic mill or industrial factory building is restored or rehabilitated into another use, such as residential housing, retail shops, office, or a mix of these non-industrial elements .