Office-to-Residential Conversions are Here to Stay
Vacant Office space is being transformed into more than 90,000 apartment units in cities across the country.
By Robert Cassidy, Contributing Editor
Converting office building to rental units is no longer a quirky idea prompted by the soaring office vacancy rates of the Covid pandemic era. RentCafe says 90,300 office-to-residential (O2R) units are in the pipeline, a 28% year-over-year bump.
TAT Project Manager Scott Maenpaa spoke with Building Design + Construction about how the design of The Slater Building puts the vacant space near the core of the former office building to good use, and how Courthouse Lofts and ThirtyOne Elm are contributing to the revitalization of their respective neighborhoods. Read the in-depth article here.
Top Trends in Office-to-Residential (O2R) Conversions
- O2R conversions are getting bigger, faster, cheaper
- Projects are going hybrid – and niched
- O2Rs are benefitting from government incentives
- Cities are streamlining O2R entitlements and permits
- O2Rs are generating affordable housing
- AEC teams are solving O2Rs’ “deep core” problem
- Neighborhood vitality is crucial for O2Rs
- O2Rs are tacking environmental and health concerns
- Developments need a coalition of interests to succeed
- O2R conversions are on track for a healthy run
