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...