On today’s show we are talking about the conversion of office space.
The problem with most office buildings is that they are the wrong shape to build apartments. Many office buildings are square in shape and most apartment buildings are rectangular, or L shaped, or U shaped.
Apartment buildings need lots of windows. Living rooms need windows and bedrooms need windows. Offices do benefit from natural light, but in truth, a sunny south facing window creates so much glare that it makes it impossible to read the screen on your desk. Windows remain covered for much of the day.
We’re going to be using a case study of an office building that is part of the Kanata Research Park. The building is part of a very large office park and is located next to a four star hotel that is also located within the office park.
It’s no surprise that office vacancy has hit this location, just as it has impacted many offices during the pandemic and the slow return to office trend since the pandemic.
So the owner of the building made the decision to convert one of the half dozen buildings on this particular site to residential and move the remaining commercial tenants to other buildings within the same complex.
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