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The price of converting an office to an apartment runs at about $100 to $200 per square foot, according to a 2022 analysis from Moody’s Analytics, which noted that the cost is most likely higher ...
Nearly 70 million square feet of office space, making up around 1.7% of the total U.S. supply, has been undergoing conversion projects to create residential-use spaces, or spaces for other uses.
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 ...
Adaptive reuse is defined as the aesthetic process that adapts buildings for new uses while retaining their historic features. Using an adaptive reuse model can prolong a building's life, from cradle-to-grave, by retaining all or most of the building system, including the structure, the shell and even the interior materials. [6]
In San Francisco, Starcity is converting unused parking garages, commercial spaces and offices into single-room residential units, where tenants (tech professionals are the typical renter) get a furnished bedroom and access to wifi, janitor services and common kitchens and lounges for $1,400 to $2,400 per month, an approach that has been called ...
It continued as an office building afterward, although it was vacant for renovations from 1991 to 1995. In 2023, renovations began to convert the building from commercial space into residential apartments. The project is expected to create 571 apartments and to finish in around 2025.
Boston Mayor Michelle Wu announced a program on Tuesday to offer steep property tax discounts of up to 75% for landlords who convert empty office space into residential use. Many office buildings ...
But there are significant barriers to converting it into much-needed residential housing, Goldman Sachs' economic team writes. ... However, just 0.4% of office space was converted into multifamily ...