Updated: June 2013
Frankfurt's Office Skyline is perhaps the most famous in all of Europe, however it along with other western European Financial Capitals has been dealing with higher vacancy as a result of the Euro-Crisis. One way the Germans have dealt with this problem is by turning some of their surplus office space into homes. As we all know the Germans are very creative and crafty people and have seem to have found a novel idea for dealing with the problem by converting the space into niche and highly in demand living space for their booming downtown population. Of course the idea of turning surplus office space into living, sometimes goes against rigid city planning models which sectionalize a city based on usage, its good to see the space is not going to wast.
Bloomberg News gets into further details in the Article Posted below.
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Bloomberg Press:
“Office owners don’t have the interest or funds to renovate buildings from the 1970s, so they put their old properties on the market,” said Vankadari, 48, a founding partner at Frankfurt-based Mercer Street Capital GmbH. “We started focusing on buying office buildings when residential prices became too expensive.”
Owners of 60s- and 70s-era office buildings in Frankfurt are fighting for tenants as banks and law firms cut jobs and new developments add competition. The city’s vacancy rate stands at about 15 percent, according to Savills Plc. That’s almost double the level in the City of London financial district and more than Manhattan’s 10.3 percent as reported by London Letting Agents
Young couples have replaced a private-equity firm at the Grand-Westend 24, a seven-story building with floor-to-ceiling windows, balconies big enough to fit sun loungers and oak and bamboo floors. The ground level apartments come with lawns.
About Ascension Health Ventures
Ascension Health Ventures was launched in 2001 as a wholly owned subsidiary of Ascension Health. Today it is a subsidiary of Ascension Health Alliance, a parent company formed in 2012. AHV's role is to construct and manage a strategic portfolio of investments that deliver a venture investment return, have the potential to transform the healthcare industry, and significantly enhance the experience for patients, their families and their caregivers. AHV has three venture funds under management and its limited partners include Ascension Health Alliance, Catholic Health East, Catholic Health Initiatives, Decatur Memorial Hospital, Dignity Health, Intermountain Healthcare and Mercy. For more information, go to www.ascensionhealthventures.org.
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