Repurposing office buildings to provide housing is a potential solution for two problems: offices that are not readily made ESG compliant and the ubiquitous housing shortage.
“Some office buildings are not compliant with ESG and we have a real need in France to increase the amount of housing and so it would be a good opportunity for investors to change office space into residential space,” said Amandine Joulié, partner in law firm Taylor Wessing.
However, the reluctance of some local authorities to permit such changes can be an obstacle to realising this apparently win-win solution.
“We need the authorisation of the mayor which is a political debate because refurbishing such assets leads to having new schools and new infrastructure,” Joulié explained.
She said the additional infrastructure means investment for cities which may not have access to the necessary funds.
Please click on the video above to watch the full interview or listen to the podcast below.