For more information, please click here.
In the dynamic landscape of the digital age, the nature of work is rapidly evolving, leaving behind a trail of vacant office spaces across the nation. This shift, coupled with an escalating demand for housing, has paved the way for transformative adaptive reuse projects that repurpose underutilized commercial properties into vibrant residential spaces. With office vacancies at a 30-year high from coast to coast, now is the opportune moment to tap into available federal support mechanisms, including financing, technical assistance, 1031 exchanges and federal property sales, to address the pressing need for housing while reshaping urban landscapes.
This type of project requires careful consideration and strategic planning to ensure the successful conversion of commercial spaces into thriving residential or mixed-use properties. The key to this transformation lies in conducting a comprehensive due diligence study on feasibility. Lerch Bates, with its team of multidisciplinary technical experts, is poised to guide you through this process, optimizing whole-building performance for elevated and sustainable results.
One crucial aspect to address in the conversion process is vertical transportation. Ensuring smooth and efficient elevator performance is paramount, considering the unique criteria expected by residents based on the quality of the residential program. Lerch Bates’s technical experts will delve into various critical elements, providing insights into elevator maintenance needs specific to residential programs and accounting for irregular vertical circulation required for amenity floors commonly found in residential layouts.
Join us for a webinar Thursday, Feb. 15 to ask questions about your property’s conversion potential: https://bit.ly/LBWebinarOfficeConversions
Here are some key questions Lerch Bates experts will help you answer:
Lerch Bates’s commitment to thorough due diligence extends beyond elevator considerations, encompassing a holistic approach to optimize the entire building for its new residential purpose. By partnering with industry experts, property owners and developers can navigate the complexities of adaptive reuse projects with confidence, ensuring that each converted space becomes a successful and sustainable addition to the housing market.
As the nation grapples with changing work dynamics and housing shortages, seizing the opportunity to repurpose commercial spaces for residential use not only addresses a critical need but also contributes to the revitalization of urban areas. Lerch Bates stands ready to assist you in this transformative journey, ensuring that your adaptive reuse project becomes a shining example of innovative urban development in the digital age.