Overview
There is an increasingly real possibility that the companies that left their offices in March, during the start of the quarantine period of the COVID-19 pandemic, will either downsize or not return at all. What, then, will happen to the unused space? What should happen? An architect offers his perspective, mentioning that the freeing-up of commercial real estate coincides with increasing demand for residential real estate. There are many things that may complicate this transaction, including zoning, gentrification, food access, and so on, but it’s at least a valid notion.
Takeaways
- Offices and commercial real estate properties will empty, creating an opportunity to better serve specific community needs
- As these properties gradually turnover to residential real estate, there exists a risk of gentrification and so on.
- There is an entire supporting industry around office workers, including furniture, restaurants, travel, and so on which will require renovation
Excerpts
- If and when this shift [toward virtual offices] happens, there will be a glut of vacant office space and less need for new office buildings. What will happen to these buildings, their property tax contributions, and the legions of architects, engineers, and builders that make them happen?
- The most likely answer is that they will transition to housing. According to the National Apartment Association, the U.S. will need 4.6 million new apartment units by 2030.
- It will take the creativity of architects to turn these buildings into attractive living spaces, with good light, ventilation, and energy efficiency.
- Instead of empty streets at night and on weekends, downtowns with more residents will be more animated, contributing to increased business for restaurants, shopping, and entertainment.
- We can use technology to improve office efficiency and reduce commuting.
- We can update and inhabit unused office buildings, maintain the tax base, and enhance lively downtowns.
Stakeholders
- Local citizens
- Apartment residents
- Landlords
Dennis Thompson, AIA Thu Jul 30, et al. “What Will Happen to Office Buildings?” The Santa Barbara Independent, 30 July 2020, www.independent.com/2020/07/30/what-will-happen-to-office-buildings/.
