Leave a Message

Thank you for your message. We will be in touch with you shortly.

The Transformation of Empty Offices

February 20, 2024

Real Estate Tips

The Transformation of Empty Offices

One of the lasting impacts of the COVID-19 pandemic is that over 25% of households have at least one person working remotely. This leaves a lot of vacancies in office buildings that were previously bustling with in-person workers. While many of these offices have remained empty for months, some have been developed for alternative use. Here's a closer look at what's happening to empty office spaces.

Affordable Housing
Many, especially those living in urban areas, have felt the squeeze of affordable housing. To alleviate rising home prices and offer more affordable housing, the government has launched an initiative to transform empty office spaces into affordable housing. This effort is focused on creating housing near transportation hubs, which includes subway stations and bus terminals. Not only will this effort result in more affordable housing, but it is expected to revitalize metropolitan areas that have emptied over the last 3 years.

Residential Spaces
Housing inventory remains low, but demand remains high, so some building owners are seizing this opportunity to convert their empty offices into residential spaces. While there are challenges that come with converting office buildings into multifamily residential properties – plumbing, windows, and HVAC for each unit – property owners can benefit from not having to build from scratch.

Coworking Spaces
Property owners are also converting vacant offices into coworking spaces. Coworking spaces are attractive to work-from-home-ers who are looking for a change of scenery or collaboration one or two days per week. Additionally, small businesses and sole proprietorships are moving to coworking spaces to avoid the high overheads that occur when leasing a centralized office. A bonus for building owners is that coworking offices are rented out on a short-term basis and can generate higher revenue than traditional offices. However, managing a coworking space and keeping it at capacity (and profitable) can be a challenge.

Trending: Vertical Farms
Although less common than affordable housing and coworking spaces, empty offices are also being converted into vertical farms. During the 21st century, vertical farming has become increasingly common in urban areas where open land is scarce. Vertical farming avoids the challenges that occur in traditional farming, such as irregular precipitation and damaging weather. By growing crops indoors and focusing on those that can thrive in this artificial environment, it's possible to mitigate the risks and unpredictability associated with growing crops outside.

With so many offices still lying vacant, there's a good chance that more alternative uses for these properties will be discovered in the coming years.

 

Explore Our Other Blogs

Stay Updated On Our Most Recent Blog Posts

Looking for the best real estate agent in San Jose? Get expert tips on how to choose the right local professional for your home buying or selling journey. | Block Change Real Estate

Real Estate

Expert Advice on Choosing the Right Real Estate Agent in San Jose

Brian Ng  |  May 30, 2025

Expert Advice on Choosing the Right Real Estate Agent in San Jose
Stage your Evergreen Hills home like a pro. Get expert tips to attract buyers and sell faster with Block Change Real Estate. | Evergreen Hills Selling Guide

Seller's Real Estate Tips

How to Stage Your Home for a Quick Sale in Evergreen Hills

Thao Dang Pham  |  May 29, 2025

How to Stage Your Home for a Quick Sale in Evergreen Hills
Discover San Jose's housing market forecast through 2030. Gain insights into price trends, neighborhood dynamics, and investment opportunities with Block Change Real Estate.

Real Estate

San Jose Housing Market Forecast: What to Expect Through 2030

Thao Dang Pham  |  May 28, 2025

San Jose Housing Market Forecast: What to Expect Through 2030
Top 5 Mistakes to Avoid Buying in San Jose | Block Change Real Estate

Buyer's Real Estate Tips

The Top 5 Mistakes to Avoid When Buying Property in San Jose

Brian Ng  |  May 27, 2025

The Top 5 Mistakes to Avoid When Buying Property in San Jose
Learn how one family bought their dream home in Evergreen Hills under budget. Get the strategy behind their win. | Block Change Real Estate Evergreen Expert

Buyer's Real Estate Tips

Case Study: How One Family Bought a Home in Evergreen Hills Under Budget

Thao Dang Pham  |  May 26, 2025

Case Study: How One Family Bought a Home in Evergreen Hills Under Budget
Decode real estate terms with our San Jose-specific glossary. Learn key terms like Mello-Roos, Prop 13, and more. | Block Change Real Estate Guide

Real Estate

A Local's Guide to Real Estate Terms in San Jose: What Every Buyer & Seller Should Know

Brian Ng  |  May 23, 2025

A Local's Guide to Real Estate Terms in San Jose: What Every Buyer & Seller Should Know

Let's Talk

You’ve got questions and we can’t wait to answer them.

FOLLOW US ON INSTAGRAM