In San Francisco, some office buildings can be converted into residential space
In San Francisco, some empty office space can be adapted to housing. This was reported by SFGATE with reference to the San Francisco Chronicle.
Currently, there are eight office buildings in the city center. Their owners responded to the city’s request for landlords interested in converting their properties into condominiums or apartments.
The San Francisco authorities are expected to hold individual meetings with interested property owners to discuss the potential repurposing of the buildings.
If the project is completed, the offices will be converted into 1,100 residential units. The largest building on the list can “give” 300 housing units, and the smallest – 40. Some premises are vacant or partially vacant, while others have tenants, but their contracts are coming to an end.
The historic Warfield Building is one of those buildings that can be converted into housing. We are talking about premises on the 5th-9th floors. The project is estimated to cost $9 million. If the city approves it, construction could begin at the end of this year.
According to Capital Economics, commercial real estate in the city may lose a significant amount of value. It is expected that its value will decrease by 40-45% in 2023-2025.