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There's a good "odd lots" podcast about this[1]. There's another of their podcasts about how apartment zoning rules make it hard to make "family" apartments[2]
by cduzz 2y ago
There's a good "odd lots" podcast about this[1]. There's another of their podcasts about how apartment zoning rules make it hard to make "family" apartments[2]. Basically you need two egress points, windows that can open, windows in kitches and bedrooms. All of these are directly in contradiction to modern office buildings with open floor plans, fixed windows, shared mechanical systems.
So it may be possible to convert offices into apartments, but it's very expensive and you end up losing a bunch of floor space.
[1]https://www.youtube.com/watch?v=HNkLcD3PKyk https://www.youtube.com/watch?v=HNkLcD3PKyk
[2]https://www.youtube.com/watch?v=76IHpt6q9ME https://www.youtube.com/watch?v=76IHpt6q9ME
- MR4D 2y agoI'll second this - great podcast episode!
- gumby 2y ago> you end up losing a bunch of floor space. You're losing 100% of the floor space when it's an unused commercial building.
- cduzz 2y agoI'm not sure your accountant would agree. An un or under-rented building has some potential value based on various hand-wavy factors. Things may get better next year and you've only lost a year's of potential revenue. You may be able to hand the burning bag of dog crap to some star-eyed dreamer. Taking out a loan, applying for permits, etc, locks in the loss. You get to tell your bank the asset they've got for collateral is worth a lot less, but hey you've got a plan that involves chopping the building apart so there are big holes in it so you can rent it to residents instead of commercial leases. Hey it's a brand new market and a wonderful opportunity to get in on the ground floor.
- Ericson2314 2y agoCan't recommend listening to the people being interviewed in [2] enough