![]() In New York City, commercial buildings constructed prior to 1961 are eligible for residential conversion under existing regulations. Using our imaginations, we can look to a collection of recent conversion projects undertaken by Gensler to find inspiration - and a menu of approaches - for recovering value from otherwise stranded assets. Partial conversion projects are still far and few between, however. Buildings containing bespoke collections of tenants and functions create more resilient investments that build upon the inherent value of each property.īuilding on over a decade’s worth of design research and project expertise, Gensler is well positioned to deliver partial and full building conversions that mix and match uses, play to the strengths of existing architecture, and create people-focused urban hubs bringing communities together. Reconfiguring previously monofunctional buildings into mixed-use vertical villages can revitalize urban neighborhoods and reverse the “urban doom loop” effect. Partial conversions extend the transformative potential of conversion projects beyond individual buildings to wider districts.This approach can unlock previously unrealized potential for their properties if the configuration of uses is carefully and creatively tailored to the needs of these projects’ respective neighborhoods. As the stock of underutilized office towers continues to come into view, landlords should consider partial conversions that keep a portion of the existing office spaces while also incorporating other uses that play to the neighborhood’s strengths.Because only a portion of some buildings may be desirable to today’s office tenants - such as the bottom floors of an older Class A office tower with no views and outdated amenities - partial conversion projects can utilize building assets more strategically and efficiently through varied lease arrangements and internal configurations that support diversified uses.These statistics point a way forward: partial conversions. office portfolio will need upgrading to meet future occupancy expectations. Additionally, the survey estimates that one-third of the existing U.S. office assets to residential and other uses in the next five years. Recent research taken from the AFIRE International Investor Survey Fall 2023 Pulse Report shows that 90% of institutional investors forecast converting many U.S. What about the remaining 75% of underutilized buildings? Context, building form, location, floor plate size, and several other factors all play a crucial role in assessing a building’s aptness for conversion. Why diversify the conversion approach? Gensler’s analysis of over 1,000 buildings in 123 cities across North America revealed that only 25% of the buildings analyzed make for suitable candidates for office-to-residential conversion. Working within the technical constraints of every site to bring complex transformations to life.īy embracing a wide view of conversion possibilities in addition to office-to-residential, we can revitalize our cities while creating more economically and socially resilient properties.Embracing a mix of diverse uses for each building and community.Emphasizing the existing architectural strengths of properties.The “Office-to-Everything” perspective has the potential to transform buildings into vertical villages that incorporate multiple uses by: This “Office-to-Everything” approach represents a coalesced understanding that the current economic landscape for office real estate offers not just one but many golden opportunities to make our cities better. Gensler has been active in advancing policy discussions that minimize roadblocks for office-to-residential conversions, including our participation in President Biden’s office-to-residential advisory committee and our work with Housing and Urban Development (HUD) on the White House Commercial to Residential Federal Resources Guidebook.Īs we forge ahead with that important work, it’s important to remember that in the local New York City market, there is huge potential to return stranded assets back to their highest and best use by pursuing conversion projects embracing a variety of uses in addition to housing.
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