There is an assumption that there is an oversupply of recently built office accommodation in Dublin city centre via IrishTimesBiz
see an opportunity for such conversion is with older office buildings or so-called “brown buildings”. Occupier demand has shifted towards real estate that helps achieve ESG goals and policies, therefore there is an acceleration in demand for ESG-compliant office accommodation from many organisations.
Converting offices into residential units presents an opportunity to address this but there are challenges involved, and as we have seen from other countries, caution is advised for such projects This movement in the market provides vacant possession to the owner to allow for redevelopment or refurbishment of these brown buildings into ESG-compliant offices or alternative uses. This is where the question of residential conversion is most relevant…residential conversion will be most practical where the office value is lowest and the conversion costs to residential use are more sensible than the cost of “greening” the building for office use.
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