Case Study: BentallGreenOak evaluates office-to-apartment conversion with RCLCO market analysis

BentallGreenOak evaluates 200,000 sq ft office-to-apartment conversion with RCLCO

The customer BentallGreenOak owned a large office building in a Northeastern U.S. city and was faced with a challenge after a major tenant vacated approximately 200,000 square feet of space. With decreased demand for office space, the client engaged RCLCO Real Estate Consulting to conduct a market analysis and understand the potential for converting the vacant office floors into rental apartments, including the optimal program and achievable pricing.

RCLCO assessed the competitive rental landscape, quantified the depth of the target market, and employed a case study method to analyze other office-to-residential conversions. This analysis determined the optimal unit mix, ideal rent prices, and how the unique location within an office building would influence demand. The work by RCLCO provided BentallGreenOak with the necessary insights to weigh the pros and cons of converting the space versus re-tenanting it for office use.

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