It's about time that there is an effort to make it easier to accomplish something that can help real estate professionals, investors, and contractors. We have a high rate of office space vacancies and a need for more housing in many of the same cities.
The cost of converting an existing modern office building to apartments or condos has to be a lot less than new construction. We are starting to see some municipalities ease up on zoning and other restrictions to favor making that happen.
With this advancement, there will be opportunities to be unique. Let's think about a couple of the cold weather cities mentioned in the below linked article like Minneapolis and New York City. Why do buildings need to be one or the other (office or residence)?
Suppose there is a 10-story office building at the moment. Let's say current demand fills up the first through third floors with office space. Why can't floors four through ten (only) be converted to residential?
Think of the possibilities. Living in the same building your office is at eliminates commuting time and costs, added costs of eating out, and drastically reduces automotive costs. Business owners with an office in the building could potentially include a residence within a compensation package. There could easily be a staff person in the lobby to receive deliveries for tenant offices and residents. Common amenities like a fitness center or snack shop could function seven days a week (instead of only during office hours).
Look at what serves the most people. My team and I are happy to work with you to make these things happen in your favor!
https://www.governing.com/urban/cities-cut-red-tape-to-promote-office-to-housing-conversions
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