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If this trend continues, with less office space used, while population numbers stay stable or increase, is there a possibility of commercial buildings like this
by zephyrnh 3y ago
If this trend continues, with less office space used, while population numbers stay stable or increase, is there a possibility of commercial buildings like this being rezoned to residential?
- jeffbee 3y agoThere don’t seem to be any rules preventing residential construction in the existing C-3-O zone. In general SF permits residential construction anywhere, but the problems come from the fact that all development permits in that city are discretionary, so you never know what the real rules are until you get in front of a hearing.
- zephyrnh 3y agoIf they can make that conversion this seems like it would be a steal. $225/sq ft versus over $1000/sq ft for residential in SF. SF doesn't seem like somewhere that would vote against more housing being available, so if it doesn't even involve rezoning, I'm curious if that's a viable path for this and other office buildings.
- bombcar 3y agoFrom my understanding the utility requirements for residential versus office means that it is often easier/cheaper to just demolish and rebuild. However, the more skyscrapery the building gets, the less that may be the case.
- gtani 3y agoI've seen a few stories about this, mostly in relation to banks' CRE portfolios showing weakness to varying degrees https://www.king5.com/article/news/local/seattle/convert-empty-office-buildings-housing-seattle/281-b04bb83b-1bed-494a-b977-98712afd956e https://www.king5.com/article/news/local/seattle/convert-emp...