Conversion Calculator

downloadWhen businesses consider Stamford as a home for a new office or headquarters, they primarily focus on office space near the Stamford Transportation Center.

They favor buildings that provide their employees and clients easy access through proximity to the train station in the south end of the city.

Vacancy levels at those buildings are relatively low compared with those farther away from the station.
Owners of those office or mixed-use buildings have to be resourceful to ensure that they are income producers.
Seeing the success that Building and Land Technology has had in building and leasing apartment buildings at Harbor Park, some office landlords are seeking zoning changes to allow them to convert their office buildings into apartment complexes.

But some don’t like the idea of more apartments in their neighborhoods.

An article that appeared in The Advocate on Oct. 31 revealed that some residents in the Glenbrook Village Commercial District oppose a commercial building owner’s application for a zone change that would allow him to convert his mixed-use structure from one containing 10 apartments to 30 units.

In October, the Zoning Board approved converting office space in a building that houses the Cask Republic on Summer Street into seven studio apartments, The Advocate reported.

While some office building owners see conversion as their only option, othersĀ  worry that their work will not pay dividends, according to Jeff Snell, commercial real estate sales, leasing and investment at Pyramid Real Estate Group.

“A few owners have expressed increasing concern regarding investing in redevelopment of office to apartment due to the high cost of conversion and what is seen by some as an oversupply of new apartments added to the market over the past few years and many more to be added,” Snell said.

But given that there is nearly 4 million square feet of vacant office space in the local market, landlords are expected to continue to look at creative uses to switch empty space to some use that provides an economic benefit.