“The cost of renovating an existing building compared to building new is the same. Demolition is a big number,” an expert said. Here's more.
Etta Apartments building in downtown San Francisco on May 4, 2022. found that in downtown San FranciscoIn San Francisco, those costs would average $472,000 to $633,000 per housing unit, according to estimates by Turner Construction.
Construction isn’t the only cost. Many office buildings are still partially filled with tenants. That means owners can be forced to buy tenants out of their lease. Further increasing the cost of renovations,“Office conversion is a very pricey way to add just a fraction of the housing we need,”This combination made from file photos shows Willis Tower in Chicago on March 12, 2008, left, and One World Trade Center in New York City on Sept.
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