Left vacant by COVID-19, can offices become homes to fix housing shortages?

Left vacant by COVID-19, can offices become homes to fix housing shortages? The coronavirus pandemic has increased pressure on governments to address shortages in housing and allowed authorities more freedom to convert empty offices, urban experts said on Tuesday. Rina Chandran U.S.

BANGKOK (Thomson Reuters Foundation) - The coronavirus pandemic has increased pressure on governments to address shortages in housing and allowed authorities more freedom to convert empty offices, urban experts said on Tuesday.

Last month, the South Korean government said it will add 114,000 homes for public housing within the next two years by buying empty hotels and offices and converting them into residences.

Singapore is pushing a plan to redevelop old offices in its central business district (CBD) with new incentives for converting excess car park spaces into residences, shops, restaurants and indoor farms.

“Governments and developers across the region are looking at converting commercial space into housing,” said Justin Eng, an associate director of research at real estate consultancy Knight Frank Asia-Pacific, adding that it is still only “sporadic”.

“These trends had been in motion prior to COVID-19, but have now been accelerated,” he said, with incentives from the government an added benefit.

As governments around the world have imposed movement restrictions during the pandemic, developers and authorities are contending with fewer workers in offices. ...