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There was an Odd Lots pod on this (from Bloomberg). Quite interesting. I didn't realize how many issues there are in the potential conversion from office to r
by e40 3y ago
There was an Odd Lots pod on this (from Bloomberg). Quite interesting. I didn't realize how many issues there are in the potential conversion from office to residential. A very small percentage of office builds can actually be converted.
- bombcar 3y agohttps://www.nytimes.com/interactive/2023/03/11/upshot/office-conversions.html https://www.nytimes.com/interactive/2023/03/11/upshot/office... is pretty definitive; basically the newer the building, the harder (or impossible) it will be to convert, and even if it can be converted knockdown and rebuild might be faster or cheaper or both.
- throw0101c 3y agoJuly 6, 2023, "What It Really Takes to Convert an Office Building Into Apartments" > Big cities like New York have two real estate problems. Housing is scarce and office buildings are empty (or at least under-utilized.) So there would seem to be an obvious solution: turn the offices into homes. And indeed there has been a lot of talk lately about "office-to-resi" conversions. But it's very hard, for a wide variety of reasons. Zoning, financing, and then, of course, the operational aspects of the construction all need to be in place. So what does it take? On this episode, we speak with Joey Chilelli, managing director at the Vanbarton Group, a firm that's been involved with these projects for a decade and long before the pandemic upended both real estate markets. We discuss the challenges involved in actually pulling off these complex projects. * https://omny.fm/shows/odd-lots/what-it-really-takes-to-convert-office-building https://omny.fm/shows/odd-lots/what-it-really-takes-to-conve... * https://www.youtube.com/watch?v=HNkLcD3PKyk https://www.youtube.com/watch?v=HNkLcD3PKyk