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Offices Into Housing…Easier Said Than Done

Jun 18, 2024 | Posted by Jeff Weil | California Economics, Mortgage, Real Estate Landlords, The Office Market, Trends for Office Tenants |

Christopher Thornberg, founding partner and economist wit Beacon Economics, said at a recent presentation fo San Jose State ““How do you make housing more affordable? You build more housing… “You need to start taking down these office buildings and putting up apartments, However, Thornberg said he prefers “adaptive reuse” of existing office buildings rather than projects that bulldoze office structures. Too much demolition could create “dead zones” in urban areas”.  In my previous blogs I have mentioned repeatedly that over time office buildings that are physically or economically obsolete will be demolished and replaced with housing. There will be very few that are transitioned into housing due to the constraints most buildings have with central restrooms, air conditioning, too-large floor plates to allow residential conversion with window access, and a host of other issues which makes most office buildings non-conversion candidates. Demolishing means the value of the office building goes down to less-than land value as you have to deal with the cost of demolition and disposing of the rubble.

 

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Jeffrey Weil, CCIM, MCR.h, SIOR

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Contact Information:

  • Jeffrey Weil
  • Colliers International
  • 1850 Mt. Diablo Blvd., Suite 200
  • +1 (925) 279 5590
  • jeff.weil@colliers.com
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Contact Information

  • Jeffrey Weil
  • Colliers International
  • 1850 Mount Diablo Blvd., suite 200
  • CA Lic. 00786195
  • +1 (925) 279 5590
  • jeff.weil@colliers.com
  • www.officetimes.com

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