From Paris to DC - why offices are being turned into apartments
Summary
Paris La Défense plans to convert up to one-fifth of its office buildings into housing as demand for office space falls and the district seeks to attract more residents. Similar projects are underway in U.S. cities, including Washington, DC, and New York, where tax cuts help encourage conversions.Key Facts
- French real estate company Groupama Immobilier plans to turn the nine-storey Le Diamant office building in La Défense into apartments.
- La Défense has an office vacancy rate of 14% to 15%, according to the district’s development authority chief.
- A Colliers executive said demand for office space in Paris has fallen by almost a third over the past five to six years.
- Office-to-apartment conversions can be difficult because some interior areas lack natural light, and buildings may need more plumbing or have low ceilings.
- La Défense authorities want to make the district a place to live and spend leisure time, not only a place to work.
- A report cited in the article said 8,310 apartment conversions were in the pipeline in New York and 6,533 in Washington, DC.
- Washington, DC, set a goal of adding 15,000 downtown residents by 2028 and says it is on track to meet it.
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