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It took a pandemic to convince American businesses that their employees could work productively from home or their favorite coffee shop. Now, employers are struggling to find the right balance between office and remote work. In fact, hybrid work is likely here to stay, at least for a segment of workers.
This is not only changing lifestyles, but it is also affecting commercial spaces. Office vacancy rates after COVID-19 skyrocketed almost overnight and remain close to 20 percent in countries like the United States.
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And that excess workspace is putting pressure on existing development loans and causing defaults or creative refinancings in a market already plagued by higher interest rates.
Wealthier office tenants have gravitated toward newer, larger buildings with more amenities, while older buildings have struggled to fill space.
High vacancy rates are forcing developers to get creative. With reduced demand for older buildings, coupled with a housing shortage in many American cities, some buildings are being converted for residential use.
As an architect, I am encouraged to see these renovations of older commercial buildings, which are more economical and sustainable than new construction. In my opinion, they are fundamentally changing the character of our cities for the better. Although only 20 to 30 percent of older buildings can be converted profitably, architects and developers are quickly learning how to grade these structures to identify good candidates.
From the workplace to the living space
Many older commercial buildings also offer higher ceilings, which are especially desirable in the residential market. Apartments and condominiums generally do not need to conceal mechanical and electrical services with suspended acoustic tile ceilings, as offices do, so they can provide 12 feet or more of ceiling clearance.
Some older buildings, including many brick or stone, have large windows, which are also desirable for residential use. On the other hand, smaller windows or higher sills may discourage conversion.
Many older buildings were built before air conditioning was widely available, so they have windows that can be opened. This is yet another advantage for residential conversion, as occupants typically desire natural ventilation in their housing unit.
Obstacles to conversion
Some features of older buildings can also make residential conversion difficult. For example, location always matters. Buildings that are far from other amenities, such as restaurants or grocery stores, may be less attractive.
Zoning laws may prohibit residential use or otherwise limit what can be done with a building. Cities can play an important role in encouraging residential conversions by revising zoning codes or offering tax incentives to developers.
Despite these challenges, if residential conversions return people and energy to city centers outside of the workday, shopping, dining, entertainment and other vibrant lifestyle amenities will follow.
Architects, planners, developers and politicians are increasingly interested in “walkable cities” or “20-minute cities.” Both concepts refer to providing necessary services, such as supermarkets, schools and restaurants, that residents can access on foot, reducing the need to own a car and promoting a more sustainable lifestyle.
Walkable cities are not a new idea. Throughout the 19th century, people in American cities like New York and Chicago lived, worked, shopped, and socialized in mixed-use neighborhoods.
As more downtown office buildings are converted to residential use, many of them are likely to house restaurants, daycare centers, grocery stores and other service businesses, usually on their ground floors. These amenities contribute to a project’s financial success and to the vibrant lifestyle of its residents.
All of these changes raise questions. Can architects and developers find ways to design buildings that serve multiple uses over several centuries, rather than a single specific use that becomes obsolete in 100 years?
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Many specialists are beginning to explore these questions. Converting city center offices to residential use could be a reminder that dynamic cities can reinvent themselves in response to challenges.
*The author is an academic at the Faculty of Creative Arts at the University of Miami. Translation of El Sol de México.
2024-06-26 11:00:00
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