Apartment investors and residents big winners in office building repurposing. – chart

In many top US markets the supply of office space has not just been stagnant, it’s actually been shrinking and apartment building investors have been the beneficiaries.

In a CoStar piece out today entitled Didn’t That Used to Be an Office Building? they list a couple big advantages of converting office space to apartments: Office working residents are close to work, and there’s great access to public transportation. How many people who spend hours a day sitting on the freeway would like the option to park the car all week?

If you combine the residential and mixed use portions of the chart below, 56% of the office conversions/demolitions are going to apartments:

Apartment Residents love living close to work and transportation options. More at www.ashworthpartners.com

An interesting fact to file away is that a building with a 22,000sf floor ‘plate’ (the area of each floor in a building), roughly 148 feet on a side, is the preferred size for converting. See the whole piece over at CoStar.

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