Office to Life Science Conversions
As traditional office markets grapple with significant vacancy rates influenced by challenges like higher interest rates, short-term economic unpredictability, and persistent uncertainties surrounding remote or hybrid work, conventional office buildings underperforming may transform into financial burdens well before their expected economic lifespan concludes. Owners of such properties might contemplate a conversion, involving adaptive reuse or repurposing, as a strategic move to tap into increased rental income and occupancy rates.
Given the challenges associated with converting offices to residential spaces, property owners explore alternative uses, such as life sciences. However, encountering obstacles in identifying a suitable office building and achieving a cost-effective conversion to life sciences is not uncommon. An ideal life sciences facility is often characterized by a lower rise, small floorplates, and higher ceiling clear heights. While standard office floor load capacities might suffice, they could limit the types of laboratory equipment used. The necessity for increased load-bearing capacity on each floor may be crucial but may pose feasibility challenges.
Life sciences spaces necessitate specialized, potentially costly, systems and features. Upgrades may include enhancing floor vibration stability for sensitive microscopy equipment, increasing electrical capacity to 4000 amps (traditional office buildings are often 2000 amps), and implementing high-efficiency HVAC and exhaust systems for environmental safety. A standby power generator is crucial for 24/7 protection of temperature-sensitive products, processes, and research data. Strategic location near research institutions and compliance with zoning laws are imperative. Converting an office building to life sciences offers advantages, including a unique technical environment that mitigates remote work threats, a shorter construction timeline, and potential revenue comparable to new life sciences buildings at a fraction of the cost.
