A National Bureau of Economic Research working paper from researchers at New York University and Columbia Business School indicates that about 11% of U.S. office buildings may be suitable for conversion to green multifamily properties.
According to a report at Globe St., the researchers created “a set of criteria to identify commercial office properties that are physically suitable for conversion.” The paper also discusses “several policy levers available to federal, state, and local governments that could accelerate the conversion.”
The researchers identified candidates for conversion according to the following criteria:
- Locations in a city with the strongest negative valuation pressures and with strong transportation options
- Buildings constructed before 1990 that tend to be cheaper, have smaller floor plates, and are more charming, increasing conversion appeal
- Class A, B, and C buildings that are underused
- Buildings at least 25,000 sf in size to ensure enough economies of scale
- Buildings with a distance from windows to core of more than 60 feet were excluded
- Eliminated buildings with no or few long-term leases left
The researchers showed an example pro-forma for a 212,500 sf office building that would result in post-conversion rent of $8 per square foot as compared to a $3.50 post-pandemic rent if the property remained as an office building.
Related Stories
| Aug 11, 2010
Top of the rock—Observation deck at Rockefeller Center
Opened in 1933, the observation deck at Rockefeller Center was designed to evoke the elegant promenades found on the period's luxury transatlantic liners—only with views of the city's skyline instead of the ocean. In 1986 this cultural landmark was closed to the public and sat unused for almost two decades.
| Aug 11, 2010
200 Fillmore
Built in 1963, the 32,000-sf 200 Fillmore building in Denver housed office and retail in a drab, outdated, and energy-splurging shell—a “style” made doubly disastrous by 200 Fillmore's function as the backdrop for a popular public plaza and outdoor café called “The Beach.
| Aug 11, 2010
Integrated Project Delivery builds a brave, new BIM world
Three-dimensional information, such as that provided by building information modeling, allows all members of the Building Team to visualize the many components of a project and how they work together. BIM and other 3D tools convey the idea and intent of the designer to the entire Building Team and lay the groundwork for integrated project delivery.
| Aug 11, 2010
Inspiring Offices: Office Design That Drives Creativity
Office design has always been linked to productivity—how many workers can be reasonably squeezed into a given space—but why isn’t it more frequently linked to creativity? “In general, I don’t think enough people link the design of space to business outcome,” says Janice Linster, partner with the Minneapolis design firm Studio Hive.
| Aug 11, 2010
Great Solutions: Products
14. Mod Pod A Nod to Flex Biz Designed by the British firm Tate + Hindle, the OfficePOD is a flexible office space that can be installed, well, just about anywhere, indoors or out. The self-contained modular units measure about seven feet square and are designed to serve as dedicated space for employees who work from home or other remote locations.
