The research aims to address both the housing affordability crisis and the high office vacancy rates, which have been exacerbated by the increase in remote work. By identifying the key structural and design factors that influence the viability of converting commercial buildings into affordable housing, such as floor heights, façade types, and lift core reuse, it provides a checklist to assess potential sites. The study also demonstrates that, under the right conditions, conversion projects can deliver a sound return on investment while increasing housing supply in high-demand areas.
With the current housing market supply still not meeting demand, there is an acute crisis of affordability, not only for those who qualify for Affordable Housing, but for those who are on the low to moderate incomes in the private market. A 2022 study by the UNSW City Futures Research Centre estimated that there were 221,500 low-income households in NSW with unmet housing needs. Concurrently in 2023, office vacancy rates reached their highest level nationally in 30 years, with CBD offices sitting at a 12.8% vacancy rate, and non-CBD offices at 17.3% vacancy.
It explores two models for adaptive reuse: Retrofit-to-Rent - the permanent adaptation of a Commercial Office Tower into a Multi-Residential Tower and Tenancy Fit-out - leasing commercial office space and undertaking a residential "fit-out" specifically for affordable co-living arrangements. The research presents scalable, cost-effective pathways to repurpose vacant office space into sustainable, flexible homes for the future.