The urban landscape continues to undergo a transition from corporate to community and in 2024, this trend continues. Is it time to consider converting an office building into an apartment building? Read on.
Financial incentives and economic conditions make now the best time in history to explore conversion opportunities. 
~ Eli Gilbert, Vice President, John Burns Research & Consulting
With the recent stimulus from the federal government, sponsors and investors have the opportunity to access a $45 billion fund for office-to-residential (O2R) conversions. This has led to a significant increase in interest in financing, designing, developing, and converting commercial buildings into residential properties.
Did you know: The 19.6% of office space that isn’t leased is the highest since at least 1979.
A Trading Market
The number of apartments scheduled for conversion from old office spaces increased from 12,100 in 2021 to 55,300 in 2024. The average age of office buildings that will be repurposed into rentals is 72 years, 20 years younger than the buildings previously converted.
Is An Office Building A Good Candidate
The viability of converting a building into residential units is influenced by:
- Building Footprint
- Structural Column Layouts
- Mechanical Systems
- Floor to Floor Heights
- Parking Counts
- Vertical Circulation
- Current Zoning
BASE4 | Your Multifamily Partners
Conversions are only suitable for some buildings, but that’s where BASE4 comes in. BASE4 plays a crucial role in the multifamily industry by providing innovative and efficient solutions for property developers and managers. We help developers, general contractors, and factories find better ways to build through innovative technology, forward-thinking design, and offsite manufacturing. Our primary focus is providing top-tier services to our clients to ensure seamless collaboration and unparalleled results.
BASE4: The GO-TO Firm for Optimal Design
We know we are in volatile times, where supply chain issues…
We at BASE4 believe in a DESIGN SERVICE mindset—bringing standardization and manufacturing principles to an outdated system. With the design service-centered approach, we continually optimize the build process, building faster, cheaper, and more efficiently.
Thank you,
Blair Hildahl
BASE4 Principal
608.304.5228
BlairH@base-4.com
