{"id":1004673785,"date":"2023-08-02T12:38:07","date_gmt":"2023-08-02T20:38:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004673785"},"modified":"2023-08-08T23:37:05","modified_gmt":"2023-08-09T07:37:05","slug":"the-tricky-task-of-office-to-residential-conversions","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-tricky-task-of-office-to-residential-conversions\/","title":{"rendered":"The Tricky Task of Office-to-Residential Conversions"},"content":{"rendered":"<p>The glut of empty and obsolete office buildings and the <a href=\"https:\/\/www.multihousingnews.com\/Resource\/?resource=Special+Report%3A+The+Apartment+Shortfall\">severe housing shortage<\/a> in the U.S. have prompted calls from numerous quarters for widespread office-to-residential conversions\u2014one of the most recent coming from the <em>Los Angeles Times<\/em>\u2019 <a href=\"https:\/\/www.latimes.com\/opinion\/story\/2023-06-25\/editorial-turning-office-buildings-into-apartments-is-how-california-eases-the-housing-crisis\">editorial board<\/a>. Meanwhile, states and cities are pushing legislation and policies to incentivize such deals.<\/p>\n\n\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"928\" height=\"1200\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004673837\" data-id=\"1004673837\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-1.jpg?w=792\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-1.jpg 928w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-1.jpg?resize=232,300 232w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-1.jpg?resize=768,993 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-1.jpg?resize=792,1024 792w\" sizes=\"(max-width: 928px) 100vw, 928px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The triangular-shaped 1100 Wilshire building atop 17 levels of parking in downtown L.A. became 230 luxury condos. Image courtesy of TCA Architects<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"949\" alt=\"Built in 1925, Metro 417 was once a station for L.A.'s Red Car trolleys and one of the largest historic adaptive reuse projects in L.A. County. Developers converted the downtown building into 277 residential units. Image courtesy of TCA Architects\" class=\"wp-block-jetpack-slideshow_image wp-image-1004673838\" data-id=\"1004673838\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-Interior-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-Interior-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-Interior-1.jpg?resize=300,237 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-Interior-1.jpg?resize=768,607 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/1100-Wilshire-Interior-1.jpg?resize=1024,810 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The triangular-shaped 1100 Wilshire building atop 17 levels of parking in downtown L.A. became 230 luxury condos. Image courtesy of TCA Architects<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" alt=\"Built in 1925, Metro 417 was once a station for L.A.'s Red Car trolleys and one of the largest historic adaptive reuse projects in L.A. County. Developers converted the downtown building into 277 residential units. Image courtesy of TCA Architects\" class=\"wp-block-jetpack-slideshow_image wp-image-1004673839\" data-id=\"1004673839\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Front_Dusk_lights.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Front_Dusk_lights.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Front_Dusk_lights.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Front_Dusk_lights.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Front_Dusk_lights.jpg?resize=1024,683 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Built in 1925, Metro 417 was once a station for L.A.&#8217;s Red Car trolleys and one of the largest historic adaptive reuse projects in L.A. County. Developers converted the downtown building into 277 residential units. Image courtesy of TCA Architects<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"1200\" alt=\"Built in 1925, Metro 417 was once a station for L.A.'s Red Car trolleys and one of the largest historic adaptive reuse projects in L.A. County. Developers converted the downtown building into 277 residential units. Image courtesy of TCA Architects\" class=\"wp-block-jetpack-slideshow_image wp-image-1004673840\" data-id=\"1004673840\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Penthouse_balcony.jpg?w=683\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Penthouse_balcony.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Penthouse_balcony.jpg?resize=200,300 200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Penthouse_balcony.jpg?resize=768,1152 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Metro-417-Penthouse_balcony.jpg?resize=683,1024 683w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Built in 1925, Metro 417 was once a station for L.A.&#8217;s Red Car trolleys and one of the largest historic adaptive reuse projects in L.A. County. Developers converted the downtown building into 277 residential units. Image courtesy of TCA Architects<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"803\" alt=\"The former Getty Oil Co. headquarters in L.A.\u2019s Koreatown was transformed into 238 condominiums. Amenities include a rooftop pool, gym and lawn. Image courtesy of TCA Architects\" class=\"wp-block-jetpack-slideshow_image wp-image-1004673841\" data-id=\"1004673841\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury-Pool.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury-Pool.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury-Pool.jpg?resize=300,201 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury-Pool.jpg?resize=768,514 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury-Pool.jpg?resize=1024,685 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The former Getty Oil Co. headquarters in L.A.\u2019s Koreatown was transformed into 238 condominiums. Amenities include a rooftop pool, gym and lawn. Image courtesy of TCA Architects<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"803\" height=\"1200\" alt=\"The former Getty Oil Co. headquarters in L.A.\u2019s Koreatown was transformed into 238 condominiums. Amenities include a rooftop pool, gym and lawn. Image courtesy of TCA Architects\" class=\"wp-block-jetpack-slideshow_image wp-image-1004673842\" data-id=\"1004673842\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury.jpg?w=685\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury.jpg 803w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury.jpg?resize=201,300 201w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury.jpg?resize=768,1148 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/The-Mercury.jpg?resize=685,1024 685w\" sizes=\"(max-width: 803px) 100vw, 803px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The former Getty Oil Co. headquarters in L.A.\u2019s Koreatown was transformed into 238 condominiums. Amenities include a rooftop pool, gym and lawn. Image courtesy of TCA Architects<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background wp-element-button\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=798650\" style=\"background-color:#00aeab\" target=\"_blank\" rel=\"noreferrer noopener\">READ THE DIGEST<\/a><\/div>\n<\/div>\n\n\n<p>From a supply and demand standpoint, the idea makes sense as hybrid work becomes the norm. But true candidates for residential conversion are the <a href=\"https:\/\/www.commercialsearch.com\/news\/the-rise-of-office-to-residential-conversions\/\">exception rather than the rule<\/a>: Costly design interventions, structural integrity, mechanical system age and performance, floorplate size, zoning regulations, the cost basis and the nature of the neighborhood\u2014any of which can foil a conversion\u2014are just some of the initial variables developers must assess when considering a deal.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/what-hinders-office-space-conversions\/\">What Hinders Office Space Conversions?<\/a><\/p>\n<hr \/>\n<p>What\u2019s more, some states and cities are demanding that buildings live up to new sustainability measures to fight climate change, suggested Julie Whelan, global head of occupier thought leadership &amp; research consulting with <strong>CBRE<\/strong> in Boston. That poses yet another challenge.<\/p>\n<p>\u201cThere are some older office buildings that are not going to be able to achieve these new standards, and they are going to have to be dealt with,\u201d she stated. \u201cThey\u2019re not always going to have a highest and best use and will just have to be razed.\u201d<\/p>\n<p>At a minimum, developers should plan on spending $500 to $600 per square foot on an office-to-residential conversion, said Richard Jantz, an executive managing director with <strong>Cushman &amp; Wakefield<\/strong> in New York. Plus, on a square-foot-basis, the average rental rate for an apartment is about half that for run-of-the-mill office space.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/as-hybrid-work-expands-coworking-is-no-longer-the-exception\/\">As Hybrid Work Expands, Coworking Is No Longer the Exception<\/a><\/p>\n<hr \/>\n<p>Hence, not only are developers incurring costs on the conversion, but they also cannot increase their cost basis to generate more revenue from potential residents, he added. That means buying conversion candidates at a discount is paramount. Yet such financial wildcards don\u2019t take into account the <a href=\"https:\/\/www.commercialsearch.com\/news\/scarcer-debt-for-cre-under-scrutiny\/\">tight-fisted credit environment<\/a> at the moment.<\/p>\n<p>\u201cIt seems so simple\u2014you\u2019ve got space that people aren\u2019t using and people who need space to live in, so why not connect the dots?\u201d Jantz said. \u201cBut I honestly think office-to-residential conversions are probably the least realistic version of adaptive reuse.\u201d<\/p>\n<h2>Needle in a haystack<\/h2>\n<div id=\"attachment_1004673832\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004673832\" data-attachment-id=\"1004673832\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-tricky-task-of-office-to-residential-conversions\/gensler-photograph-by-robert-deitchler-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\" data-orig-size=\"835,1200\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;\\u00a9 Robert Deitchler \/ Gensler&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Gensler photograph by Robert Deitchler&quot;,&quot;created_timestamp&quot;:&quot;1617457758&quot;,&quot;copyright&quot;:&quot;\\u00a9 Robert Deitchler \/ Gensler&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Gensler photograph by Robert Deitchler&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Franklin Tower Residences\" data-image-description=\"&lt;p&gt;Gensler worked with PMC Property Group on Franklin Tower Residences, a project that converted the former GlaxoSmithKline headquarters into 360 apartment units and opened in 2019. Image courtesy of Robert Deitchler\/Gensler&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Gensler worked with PMC Property Group on Franklin Tower Residences, a project that converted the former GlaxoSmithKline headquarters into 360 apartment units and opened in 2019. Image courtesy of Robert Deitchler\/Gensler&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?w=713\" class=\"wp-image-1004673832\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\" alt=\"Gensler worked with PMC Property Group on Franklin Tower Residences, a project that converted the former GlaxoSmithKline headquarters into 360 apartment units and opened in 2019. Image courtesy of Robert Deitchler\/Gensler\" width=\"400\" height=\"575\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg 835w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=209,300 209w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=768,1104 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences1_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=713,1024 713w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-1004673832\" class=\"wp-caption-text\">Gensler worked with PMC Property Group on Franklin Tower Residences, a project that converted the former GlaxoSmithKline headquarters into 360 apartment units and opened in 2019.<em> Image courtesy of Robert Deitchler\/Gensler<\/em><\/p><\/div>\n<p>Recent research and tools developed to assess the viability of such projects support that assertion. Looking at completed, in-progress and planned conversions of offices into any alternative use since 2016, CBRE found that 91.1 million square feet has been or would be removed from the market. That\u2019s less than 2 percent of total U.S. office supply, reported Jessica Morin, research director who specializes in office for CBRE\u2019s Americas Research team.<\/p>\n<p>Meanwhile, when assisting the city of Calgary to develop a plan to reuse largely vacant downtown offices in 2018, architecture firm <strong>Gensler<\/strong> created a tool to gauge reuse potential by analyzing building and market characteristics, including the state of mechanical, electrical and plumbing systems, the window-to-wall ratio, the size and shape of the floorplates, and surrounding residential rental rates.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/how-vacant-office-spaces-get-new-life\/\">How Vacant Office Spaces Get New Life<\/a><\/p>\n<hr \/>\n<p>The firm found that about three out of 10 buildings in the 43 million-square-foot market had the potential to become apartments, said Kelly Farrell, a principal with Gensler &amp; global leader of its residential practice. \u201cDepending on an owner\u2019s basis in the building, that number may be even lower,\u201d added Farrell.<\/p>\n<p>To help fuel conversions where it makes sense, Calgary is providing grants of <a href=\"https:\/\/www.calgary.ca\/development\/downtown-calgery-incentive-program.html\" target=\"_blank\" rel=\"noopener\">$75 per square foot<\/a> of office space that will become housing. Gensler is now helping U.S. cities formulate similar strategies as empty and underutilized or obsolete buildings contribute to falling downtown property values and diminishing tax revenues, Farrell also mentioned.<\/p>\n<p>\u201cThe fundamental question centers on how incentive programs will work, because converting these buildings is not a simple task,\u201d explained Farrell, whose firm worked with PMC Property Group to convert the former GlaxoSmithKline headquarters tower in Philadelphia into 360 apartment units in 2019. \u201cIt\u2019s much simpler to develop a new building from the ground up than it is to rip out the guts of a building and do a conversion.\u201d<\/p>\n<div id=\"attachment_1004673834\" style=\"width: 1034px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004673834\" data-attachment-id=\"1004673834\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-tricky-task-of-office-to-residential-conversions\/gensler-photograph-by-robert-deitchler-4\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\" data-orig-size=\"1200,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;\\u00a9 Robert Deitchler \/ Gensler&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Gensler photograph by Robert Deitchler&quot;,&quot;created_timestamp&quot;:&quot;1617460639&quot;,&quot;copyright&quot;:&quot;\\u00a9 Robert Deitchler \/ Gensler&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Gensler photograph by Robert Deitchler&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Franklin Tower Residence\" data-image-description=\"&lt;p&gt;The Franklin Tower Residence project spread out amenities such as a media room, basketball court and spin studio throughout the building. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. Image courtesy of Robert Deitchler\/Gensler&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Franklin Tower Residence project spread out amenities such as a media room, basketball court and spin studio throughout the building. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. Image courtesy of Robert Deitchler\/Gensler&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?w=1024\" class=\"size-full wp-image-1004673834\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\" alt=\"The Franklin Tower Residence project spread out amenities such as a media room, basketball court and spin studio throughout the building. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. Image courtesy of Robert Deitchler\/Gensler\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences3_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=1024,683 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><p id=\"caption-attachment-1004673834\" class=\"wp-caption-text\">The Franklin Tower Residence project. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. <em>Image courtesy of Robert Deitchler\/Gensler<\/em><\/p><\/div>\n<h2>Helping hand<\/h2>\n<p>Some cities and states are already crafting incentive policies. In June, San Francisco began seeking developer input on how the city could help speed up or enhance conversions through regulatory changes, financial incentives and other means. That followed approval of legislation that provides zoning and fee exemptions, among other benefits, to help streamline the reuse process.<\/p>\n<p>\u201cThe number one thing that is needed for conversion projects is city support,\u201d said Thomas Cox, founder &amp; managing principal of <strong>TCA Architects<\/strong>. \u201cWe\u2019re seeing a lot of the <a href=\"https:\/\/www.commercialsearch.com\/news\/a-closer-look-at-tech-layoffs-impact-on-office-leasing\/\">tech industry meltdown<\/a>, especially in the Bay Area, and San Francisco needs to get people back downtown.\u201d<\/p>\n<p>To the south, Los Angeles continues to expand and modify a 1999 adaptive reuse policy that has fueled the conversion of some 12,000 new housing units by expediting approvals and relaxing code and zoning requirements, according to the city\u2019s planning department. That program was in place when <strong>Forest City Enterprises<\/strong> converted three office buildings that added 745 downtown units to the market early this century, said Cox, who worked on the projects. The properties were largely acquired at discounts, which helped financial feasibility. Cox sees a similar dynamic at play today.<\/p>\n<p>Currently one of his developer clients pursuing conversions is negotiating with a bank that took three heavily vacant downtown Los Angeles office buildings back to either acquire the properties or partner with the lender in a deal. The goal is to turn one of them into housing after moving tenants into another building. If it succeeds, the developer will repeat the process, Cox said.<\/p>\n<p>\u201cWhat we\u2019re seeing now is a very large change in ownership of these office buildings\u2014lenders are taking them back and are discounting the pricing,\u201d he said. \u201cThat\u2019s opening the door for developers to step in and consider a residential conversion.\u201d<\/p>\n<div id=\"attachment_1004673830\" style=\"width: 1034px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004673830\" data-attachment-id=\"1004673830\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-tricky-task-of-office-to-residential-conversions\/gensler-photograph-by-robert-deitchler-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;\\u00a9 Robert Deitchler \/ Gensler&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Gensler photograph by Robert Deitchler&quot;,&quot;created_timestamp&quot;:&quot;1617461478&quot;,&quot;copyright&quot;:&quot;\\u00a9 Robert Deitchler \/ Gensler&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Gensler photograph by Robert Deitchler&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Franklin Tower Residence\" data-image-description=\"&lt;p&gt;The Franklin Tower Residence project spread out amenities such as a media room, basketball court and spin studio throughout the building. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. Image courtesy of Robert Deitchler\/Gensler&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Office. The Franklin Tower Residence project spread out amenities such as a media room, basketball court and spin studio throughout the building. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. Image courtesy of Robert Deitchler\/Gensler&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?w=1024\" class=\"size-full wp-image-1004673830\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg\" alt=\"The Franklin Tower Residence project spread out amenities such as a media room, basketball court and spin studio throughout the building. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. Image courtesy of Robert Deitchler\/Gensler\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Franklin-Tower-Residences2_Image-courtesy-of-Robert-Deitchler_Gensler.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><p id=\"caption-attachment-1004673830\" class=\"wp-caption-text\">The Franklin Tower Residence project spread out amenities such as a media room, basketball court and spin studio throughout the building. Developer PMC Property Group changed out the full mechanical, electrical and plumbing systems, which freed up room to create a rooftop lounge and outdoor deck. <em>Image courtesy of Robert Deitchler\/Gensler<\/em><\/p><\/div>\n<h2>In limbo<\/h2>\n<p>The office-to-residential conversion theme is hardly new and tends to emerge in the commercial real estate cycle\u2019s recession phase. Following the savings and loan crisis, New York City launched the 421g Tax Abatement program in 1996 to facilitate office-to-residential conversions in downtown Manhattan. The initiative helped convert roughly 13 million square feet, or about 13 percent of the downtown office market, into 12,865 units in 11 years, according to New York\u2019s Citizen Budget Commission.<\/p>\n<p>Such incentives don\u2019t exist today, however. Despite support from the governor and New York City Mayor Eric Adams, a proposal geared toward facilitating residential conversions south of 60th Street in Manhattan failed to clear New York\u2019s General Assembly this year. That could change if more office owners can\u2019t refinance their debt and a mass of assets wind up with lenders, Jantz noted. But for now, he suspects lenders are addressing troubled loans on a one-off basis.<\/p>\n<p>\u201cMy gut tells me that lenders don\u2019t see a reason to change that approach. I think everybody believes that people are going to eventually return to the office in a more robust and regular manner,\u201d he reported. \u201cGoing to the office five days a week may not come back, but if you have people working the same three to four days during the week, you\u2019re going to need office space.\u201d<\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=798650\" target=\"_blank\" rel=\"noopener\"><em>Read the August 2023 issue of CPE.<\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Despite gaining traction, the process on the ground involves a big haystack and a handful of needles.<\/p>\n","protected":false},"author":890,"featured_media":1004673830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21782,1521,21785,51037],"tags":[32789,32799,37192,33012,36936],"class_list":["post-1004673785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-development","category-digital","category-property-management","category-trends","tag-cbre","tag-cushman-wakefield","tag-forest-city-enterprises","tag-gensler","tag-tca-architects"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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