Rental Housing: Addressing Empty Office Space
Updated: Oct 6, 2020
How DBe Can Design, Manage, and Build Rental Housing
The COVID-19 pandemic has turned the world upside down, and economically it’s been hard for many people and businesses to adapt. Social distancing and quarantining requirements have wreaked havoc on typical economic activity. The closure of businesses has led to many lost jobs and families to fall on hard times, not necessarily knowing how or if they’ll pay their rent. In these dire times, it becomes required for all involved to start to think creatively to adapt.
Commercial building owners, for example, have seen their once-thriving office buildings turned empty as companies send their employees home to work remotely. Many companies have expressly noted that they don’t expect this arrangement to change anytime soon, if ever at all. That means building owners are left saddled with valuable properties that are no longer in demand for their typical, expected uses.
At the same time, many people have lost their jobs entirely. With the economy being slow to recovery and uncertainty rearing its head at every turn, families are left not knowing if they can afford a roof over their heads.
These two problems are devastating for those involved, but by thinking creatively, they may see some important combined solutions. Namely, owners of now-empty office buildings can consider converting their buildings into rental housing.
This measure may seem drastic, but the truth is that building owners are in deep trouble. They need to pivot their current property models and adapt to the needs of their regional areas. This conversion may seem daunting and drastic, but at DBe, we are just the company to help you regain positive cash flow. Our construction experts know how to create these conversions on a budget optimally, our designers can help you manage any zoning issues, and we can work on a tight timeline since you and potential families who will rent out housing in this building can’t stand to wait too long.
Because of our ability to design, manage, and build, we are uniquely positioned to convert empty office buildings to both market-rate and rental housing units. Rental housing demand will only increase in the coming months. Regardless of all-time low lending rates, families won’t have the income they enjoyed in the past due to the latent effects of the national shutdown we just went through.
Reach out to us today to learn more about this unique opportunity. You won’t regret it.