Why Developers are turning Offices into Homes

ARTICLES | Jun 15, 2022
Why Developers are turning Offices into Homes

The coronavirus crisis made many organizations around the world cut back on their office staff. Many real estate developers have looked to offices to draw people back and boost spending in nearby areas. Offices have gained value for both working and living.

There are many benefits from giving old buildings new functions rather than building new ones, including easier approval and reduced construction time and cost. Converting offices into homes could also address a lack of affordable housing in countries including Thailand, which has Asia’s 4th most expensive rental property. Thai rental rates are now rising 5.13%. Indonesia’s rates are the region’s highest and are rising 7.09%.

Another interesting post-Covid development is the renovation of office buildings in midtown New York. Turning offices into living spaces will boost livability in mixed-use real estate projects too. Developments can plan areas well to generate income from malls. Local economies can gain from demand at local shops.

 

Implications for the future:

The pandemic has forced developers to cut back on office space and increase housing. Adverse economic impacts, however, will still be a critical factor in investment. In addition to developing areas and activities within projects to be exciting and valuable to residents and tourists, developers will have to take responsibility beyond their projects for infrastructure, the environment, and safe and livable communities to attract residents and investors.

 

Reference:

- https://www.worldfinance.com/.../solving-the-global...

- https://www.bangkokpost.com/.../forget-working-from-home...

- https://www.globalpropertyguide.com/.../Tha.../Price-History

- https://www.globalpropertyguide.com/.../Thailand/rent-yields

- https://www.investasian.com/.../thai-real-estate-overvalued/

- https://www.reuters.com/.../unaffordable-seoul-housing.../

- https://www.politico.com/.../new-york-shrinking-offices...

- https://www.bloomberg.com/.../should-manhattan-s-offices...

- https://cdr.lib.unc.edu/concern/masters_papers/9s161g42d

- https://www.naiop.org/.../New-Uses-for-Office-Buildings

 

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