Adaptive reuse is becoming a popular solution for repurposing office buildings that have outlived their usefulness. But how feasible are such conversions, especially to multifamily? This is one topic that will be addressed at the upcoming Connect Midwest: Multifamily & Adaptive Reuse Trends conference. To gain further insight into this trend, questions were posed to Lee Golub of Golub & Company, one of the event’s presenters.
When it comes to multifamily development, are we seeing more adaptive reuse versus ground-up construction? According to Mr. Golub there has been much discussion about what can be done with existing office product which may no longer meet current needs due to hybrid and remote work trends; however conversion from an office building into rental apartments or hotels isn’t always easy as floor plates may not transition easily and other factors must also be taken into consideration such as window placement in relation natural light and views along with sill heights and lobby makeups among others. Additionally location plays a role in determining whether an existing building would work for residents – does it sit within a residential neighborhood or one transitioning towards residential use – plus amenities must also factor in so they don’t compete with offerings found in modern apartment buildings while still accommodating any remaining tenants who might share space with residents if applicable .
In terms of economic feasibility , developers need determine if rents can support the cost associated with renovation rather than ground-up construction costs while accounting for zoning implications like Chicago’s LaSalle Street reimagined program which offers TIF dollars making adaptive reuse projects more economically viable . Despite these challenges , data shows that occupancy rates remain high across Chicago’s rental market indicating continued growth potential .
Meet Lee Golub alongside other experts at Connect Midwest: Multifamily & Adaptive Reuse Trends on June 13th 2023 at W Chicago City Center Hotel where attendees will learn even more about this growing trend – click here for registration information!
