Transforming workspaces into home offices could potentially generate around 60,000 residential units.
"Transforming unused business spaces due to work-from-home trends might generate around 60,000 new homes capable of housing around 100,000 individuals in Germany's leading cities, as per a report by Ifo Institute and Colliers. These cities are Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart, and Düsseldorf."
According to Ifo researcher Simon Krause, " abandoning offices can address the housing issue in metropolitan areas." However, only a fraction of these potential transformations are financially viable.
The research discovered that approximately 30% of vacant office spaces can be legally and technologically converted into residences. This amounts to approximately 2.3 million square meters based on the current vacancy rate. Factoring in the anticipated decrease in office space demands, an additional 3.5 million square meters could be included. Yet, around 20% of the space is eliminated during the conversion process. Assuming an average apartment size of 77 square meters and a household size of 1.7 individuals, roughly 60,000 dwellings for 102,000 residents can be created.
Andreas Trumpp, a co-author of the study from Colliers, contended that "because of the limited profitability of residential conversions, innovative alternate usage plans are essential." In addition, partial conversions and urban development are necessary to meet urban necessities such as housing, commerce, or leisure activities.
In Germany, the home office practice, with about 25% of workers participating for nearly two years, has been stable. More than two-thirds of companies have adopted this method. The report forecasts a 12% decline in office space needs by 2030. Large service providers, with the most significant office space share, are reducing their office space and moving to modern, centrally located locations.
The Commission has acknowledged the potential of transforming unused office spaces, as suggested by Ifo researcher Simon Krause. The limited profitability of residential conversions necessitates the exploration of innovative alternate usage plans, as asserted by Andreas Trumpp from Colliers.
