Up to one in three office buildings in 14 major North American markets could be a candidate for conversion to residential use, according to a study by Avison Young.
The company analyzed 26,000 office buildings, and concluded as many as 8,996 could meet the criteria for conversion in 10 U.S. and four Canadian markets. "We must reimagine how we want to live, work and play. Adaptive reuse is one of the key components of how we do that as a community," the company stated.
Using proprietary and third-party analytics, the firm identified two "anchoring criteria" for suitable candidates: buildings erected before 1990 and those with floorplates of less than 15,000 square feet.
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