Workspace to Homeplace: The Rise of Office Conversions and How to Pull Them Off

Peaks & Portfolios

In a real estate market grappling with high office vacancy rates and a dire need for housing, this episode highlights a groundbreaking algorithm that could shift almost a third of office buildings toward much-needed residential housing. As we uncover the complexities of office-to-residential conversions, Gensler Principal Steven Paynter shares the secret to assessing a building's convertibility, from its location and age to its architectural quirks. The conversation navigates the economics of space optimization in a post-pandemic era and extends personal reflections on tackling these projects across differing market sizes, such as the unique challenges faced in Salt Lake City. Wrapping up a journey through the adaptive reuse landscape, we touch on the broader implications of this real estate revolution. Deliberation on the economic underpinnings, including cost efficiency, incentives for affordable housing, and policy impacts, offer a 360-degree view of how these projects are reshaping places we live, work, and play.