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Avison Young: One-Third of Office Buildings Could See Adaptive Reuse
Up to 34% of office buildings in 14 major North American markets could be potential candidates for adaptive reuse, Avison Young reported. Looking at more than 26,000 buildings, office to residential conversions could open the door to potential housing for thousands of families in as many as 8,996 properties.
“Adaptive reuse is an important conversation we are having around the art of the possible, to demonstrate how this potential solution contributes to placemaking and to the revitalization and vibrancy of our neighborhoods – particularly our downtown cores,” said Sheila Botting, principal and president, Professional Services, Americas at Avison Young.
To arrive at its conclusions, Avison Young identified office buildings built before 1990 and with floor plates below 15,000 square feet in 10 U.S. markets and four Canadian ones. Not surprisingly, New York City offered the largest number of candidates for residential conversion with 1,698 properties, while Nashville contained the fewest.
- ◦Development
