Office Space Gone Residential: A Rising Trend

Office Space Gone Residential - A Risign Trend.jpg

Across the country, established office buildings are trying their hand at a different type of tenant: residential. With the economy coming out of its latest recession, the demand for rented living spaces in many downtown buildings is growing at an incredible pace; demand for office space, however, has flat-lined. 

Office space typically rents out for much more than residential space. However, many older buildings can’t compete with the attractiveness of modern office space, yet have the architectural charm to make great housing. Many developers have acknowledged this perfect fit and are changing their buildings accordingly. 

Leading this charge is the East Ohio Gas building, a hallmark building of Cleveland which once housed major firms like Deloitte & Touche. The famous skyscraper is set to convert to a 21-story luxury apartment building, with a Lake Erie view. But this is not an isolated event. Major cities such as Cincinnati, Baltimore, Rochester, and more are recording a record high number of conversions in the past year. Real estate professionals across the board realize the crushing demand to live downtown, in areas close to the office. Month-long waiting lists are not uncommon.

Is this usage-flip just a trend, or has the place of office buildings in our world changed forever? Only time will tell.

For the full article from The Wall Street Journal entitled 'Developers Turn Former Office Buildings Into High-End Apartments' click here. Or for more Front Street news, click here...

 

Comment /Source

Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

 Subscribe in a reader

Subscribe to Front Street's News Page by Email