This is how some landlords are looking to convert office properties to residential apartments to generate more rent.
and the residential accommodation shortage are coming together to breathe new life into second-tier city offices.
Tenant demands for more environmentally sustainable office accommodation and better amenities – such as end-of-trip facilities and flexi space – mean the investment case for many lower-grade buildings is greatly diminished. As Mirvac’s Campbell Hanan said at the recent Australian Financial Review Property Summit: “There will be winners and losers.”Advertisement
However, smaller buildings often can be repurposed for housing. These are generally older buildings with period appeal and which can be converted at a price to make the projects feasible. A recent study by the Property Council of Australia found about 86 Melbourne CBD office buildings “ripe for adaptive reuse”, which could create up to 12,000 new homes.In New York, for instance, the city government has established the Office Adaptive Reuse Task Force, which is exploring opportunities to convert outdated office space to other potential uses, especially housing. It wants to facilitate the conversion of the city’s unused office spaces into 40,000 apartments.
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