Office to Resi Conversion: Unveiling Miami's Potential
Office to Resi Conversion: Unveiling Miami's Potential
Olivia Ramos | October 25, 2023 | 9:30 a.m.
Keywords:
market analysis, office, office to residential, portfolio analysis, zoning
The Rise of Office to Resi Trends
Office to Resi conversion is gaining momentum in the private and public sectors. This trend presents a thrilling and sustainable strategy for expanding housing options without resorting to new construction or demolition, repurposing structures that are gradually becoming outdated.
Introducing Deepblocks Portfolio Analysis
At Deepblocks, we've pioneered Portfolio Analysis, a comprehensive tool designed for city-wide evaluation, and this week, I am putting it through its paces to uncover the potential for Office to Resi conversions in the City of Miami.
Understanding Miami's Office Space Landscape
To kick off the analysis, I delved into understanding the Miami office space landscape. Here’s a high-level snapshot of the current inventory:
- Miami is home to approximately 67,738 properties.
- There are roughly 233,635 existing residential units.
- The city has the capacity for an estimated 994,672 residential units.
Office Space Inventory Overview
Focusing on the office space inventory:
- Miami boasts around 743 office buildings.
- Of these, 675 buildings are zoned to permit multifamily construction.
- Should all these office buildings undergo conversion or redevelopment, they could house up to 71,874 residential units.
Contributions of Office to Resi Conversions
This implies that Office to Resi conversions could contribute approximately 7% of Miami's total potential residential units. However, it's crucial to note that not all office buildings offer the same level of suitability for conversion. We aimed to pinpoint buildings representing the ideal candidates for Office to Resi transformation. Here, 'optimal' denotes compatibility between the required area to accommodate the maximum allowable units and the existing office space.
Evaluation Criteria for Conversion
Our evaluation criteria were as follows:
- Best for development: Buildings where the area allowed for units exceeds three times the office area.
- Should remain as Office: Buildings where the area allowed for units is less than 75% of the office area.
- Everything else falls under the 'Conversion' category.
Identifying Optimal Buildings for Conversion
Applying this formula, we identified 205 buildings in Miami that stand out as optimal for Office to Resi conversion.
Author Olivia Ramos
Founder and CEO of Deepblocks, holds master's degrees in Architecture from Columbia University and Real Estate Development from the University of Miami. Her achievements before Deepblocks include designing Big Data navigation software for the Department of Defense's DARPA Innovation House and graduating from Singularity University's Global Solutions and Accelerator programs.