5 ways office space is getting a new lease of life

With social value playing an increasingly larger role in corporate strategies, businesses are seeking ways to give back to local communities.

One global e-commerce firm formed a partnership with a local non-profit to give a number of floors in their Seattle building over to the creation of a homeless shelter. Separated from the space used by employees, it has its own private entrance, a large dining room, an industrial kitchen with commercial cooking equipment, recreation spaces for children and teens and office space for the firm’s legal team to provide support to shelter residents.

Another initiative in Dubai sees a global bank opening the ground floor of their building for a weekly farmer’s market, benefiting both local producers and employees.

In the UK, Lloyds Banking Group has announced they’re seeking partners to redevelop their empty offices and decommissioned data centers into new social housing projects, as part of a longer-term strategy to help increase the supply of affordable homes. 

Many landlords are finding use for empty office buildings and commercial properties by turning them into spaces for creatives.

There are organizations that help with this, such as the UK’s Hypha Studios, which matches creatives with landlords and empty spaces across Britain. The Creative Land Trust forms partnerships with owners, donors and investors to secure studio space for makers and artists, helping to regenerate vacant space.

There’s a boost for British landlords: businesses pay lower property taxes if they have nonprofits as tenants. So by letting to artists, landlords save money while improving their ESG credentials.

In the U.S., a 7-week arts exhibition featuring more than 1,000 artists and performers took place earlier this year in the heart of Washington DC. The event formed part of the city’s wider strategy to restore vitality to office corridors and was held in an empty 300,000 square foot, eight floor block slated for eventual residential conversion.

Meanwhile, in New York’s Financial District, artist Christopher Wool’s latest exhibition has been taking place on the 19^th floor of a vacant former office space at 101 Greenwich.