Market analytics indicate that there is over 232 million square feet of surplus commercial real estate up for subleasing. Predictions from future of work experts, and the growing number of hybrid and remote work arrangements, suggest most of that will go unfilled - so what can be done with the remaining office building assets?
Converting an urban office building to multifamily housing seems like the perfect solution. Demand for residential space is high, with many major cities requiring tens of thousands of new units’ year-over year. There are office properties that need to be repositioned to increase their value.
At HED, experience has taught us that converting these building takes thoughtful analysis and an innovative, surgical approach to manage costs.
Click below for our top considerations to protect ROI in conversions.