Why Office Spaces Across the Country are Getting Repurposed
1 min read
The pandemic has caused some lasting effects on the commercial real estate market, specifically when it comes to office space. Many organizations have adopted hybrid and remote working styles, resulting in many moving to smaller buildings or selling altogether, leaving many buildings vacant.
With these available buildings sitting on the market and no other companies wanting to take them over for their office, developers are using this as an opportunity to revamp these spaces for livable or mixed-use purposes. With the initial construction intended for office space, this leaves challenges when converting to residential-type units. Changing the existing building to a livable one can be costly, as updating the existing plumbing, electrical, mechanical, and building systems to support housing units is necessary.
Though the cost to update the building can be costly, it is still a cheaper investment than starting from the very beginning in creating a new residential build.
As we move forward, the industry is hopeful that we will see office buildings being repurposed into various mixed-use and residential spaces.
References
Campbell, S. (2022, November 8). Office towers getting new lease on life in conversion to housing ... Financial Post. Retrieved January 5th, 2023, from https://financialpost.com/real-estate/property-post/office-towers-conversion-housing
Sorich, G. (2022, October 4). Transforming Office Buildings to Livable Spaces. RENX. Retrieved January 5, 2023, from https://renx.ca/transforming-office-buildings-to-livable-spaces
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