At least half of U.S. property projects have included requests for converting existing office space, according to a U.S. Chamber of Commerce survey conducted in late 2022.
The results of the Future of the Office survey of commercial real estate industry professionals were released on Thursday.
The agency found that 68 percent of architects and 71 percent of builders are receiving more frequent requests compared to one year ago to convert existing office space into other commercial uses.
Survey participants anticipated 21 percent of existing office spaces will become entertainment spaces, 22 percent will become multifamily properties, 23 percent will become hotel/hospitality spaces, and 30 percent will become retail space.
When asked if converting office spaces will be a trend in the coming year, 24 percent of owner/managers, 35 percent of builders and 54 percent of architects said it would.
A total of 47 percent of respondents said building layouts are impacting conversions, 46 percent said zoning/permitting, 44 percent said environmental regulations, and 42 percent said floor plan configurations.
Looking ahead, 52 percent of respondents believe that spaces will become more open and collaborative, and 52 percent said spaces will allow for co-working. In addition, 42 percent believe workspaces companies can rent or sublet will become an influential trend.