In a blocked market and facing a record tertiary vacancy (6.2 million square meters in Île-de-France alone)“many investors are still heavily exposed to peripheral officesunderlines Aymeric Sevestre, Head of Capital Markets at Cushman & Wakefield France. Two alternatives are available to them: sell at a significantly lower price given current market conditions or carry out a reconversion “.
There conversion of offices into housing thus becomes a solution to study closely. Especially since the simplified framework of the Daubié law makes it possible to ease the change of use and accelerate authorizations. However, the transformation of offices into housing remains a much more complex exercise than it seems. If it makes it possible to restore depreciated buildings and support income with rental demand, its success requires method and local roots. The expert reminds us: “Retraining is risky, long and not guaranteed. »
Flexible procedures to get started quickly and correctly
The Daubié law, promulgated on June 16, 2025, provides a more flexible framework facilitating for reconversion operations, with exemptions from the PLU on a case-by-case basis. Even in co-ownerships, votes are relaxed. In practice, anticipate discussions with the town hall or co-ownerships, and “place discussions upstream of any reflection”insists the professional. Target neighborhoods already residential or in transition to maximize acceptability and reduce instruction times.
Economic model: secure margin and cash flow
Transforming often costs less than building new and reduces interim costs. But the assembly differs from classic operations. Appropriate capital is required (green debt, impact funds), specific expertise relating to urban feasibility, a technical study (structure, framework, ventilation), a calibrated statement of investment expenditure (Capex), a phasing of the works and a marketing strategy. The building itself remains cornerstone of any reconversion. Its structure, the depth of its framework, the ability to open up views or create outdoor spaces determine the feasibility of the project.
The impact of the housing crisis and rental sustainability
Despite a higher theoretical yield, offices are experiencing high vacancy rates while demand for housing remains strong in tense areas. Converting a plateau into apartments secures occupancy and enhances the asset. “Knowledge of the stock to be reconverted is improving, as well as the territories to target as a priority and the good practices to employ », recalls Laurence Bouard, Head of Research France at Cushman & Wakefield. But choose the right building remains decisive.
