I keep hearing that empty office buildings are an economic time bomb. I keep hearing that housing inventory is low which is why house prices are high. Why can’t we convert offices to homes?

Question

I keep hearing that empty office buildings are an economic time bomb. I keep hearing that housing inventory is low which is why house prices are high. Why can’t we convert offices to homes?

In: 4298

Answer 1

You can but it is very expensive and time-consuming. Just to start an office–>apartment conversion, they’ll need to:

* Redo the HVAC so that each unit can control their own temperature.
* Redo the plumbing because offices tend to have communal toilets and no showers, which obviously doesn’t work for apartments.
* Redo the electricity so that each unit can control their own electrical system, e.g. breaker box in each apartment, and has sufficient electricity for power-intensive appliances (washer/dryers, refrigerators, etc.)
* Redo the actual walls/rooms to accommodate residences.