Quote:
Originally Posted by TWAK
So, what's the big hurdle with converting office space to condos or apartments? I get they would have to add walls and plumbing, but there would be money to be made by developers or whatever if they did.
I'd personally like to have a condo in a former office tower!
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In my region, conversions are said to cost double new construction.
There are many reasons. One is that on a renovation, a large percentage of what you install tends to be bespoke to make it fit uneven floors. Further, every aspect of every trade has to thread a needle to get installed. There are no efficiencies.
Cheaper cities also have the benefit of hopeless office markets and therefore buildings that are cheap to buy. Expensive cities tend to have optimistic owners who would rather hold out for a recovering office market.
As for "here comes the wrecking ball," what an odd idea in the "not a chance in hell" category.