Office-to-Residential Conversions Continue to Grow
Office-to-residential conversions continue to grow in popularity throughout the United States amid widespread housing shortages, high office vacancy rates, flexible work options, such as remote work and new financial incentives for conversions.
According to the U.S. Green Building Council (USGBC), While conversions originated primarily as an innovative solution to the housing crisis, they present significant environmental benefits as well.
Adaptive reuse projects that convert offices to multifamily housing come with lower embodied carbon due to the avoided emissions of demolition and complete construction of a new building. Further, the major renovation needed to repurpose an existing building for a new use presents an opportunity to integrate high-performance green building strategies, such as energy efficiency, water efficiency, responsible material selection and improved indoor air quality, into the project.
Some conversion projects, such as 55 Broad Street in New York City, New York, are pursuing LEED certification to recognize their improvements in building performance. The opportunity to achieve green building goals in tandem with economic development and housing goals makes office-to-residential conversions a compelling investment when feasible.
