Dutch developer OVG has announced plans to increase its focus on the redevelopment and reconversion of office properties. Under the plan, redevelopment will in future account for up to 50% of its business at the expense of new constructions.
Dutch developer OVG has announced plans to increase its focus on the redevelopment and reconversion of office properties. Under the plan, redevelopment will in future account for up to 50% of its business at the expense of new constructions.
In particular, the Rotterdam-based company sees opportunities to transform vacant office buildings in city centres into housing, healthcare assets, nursing homes, education facilities and student housing.
Redevelopment represents the future for all developers, CEO Coen van Oostrom said: 'The time has come for entrepreneurs to respond to the redevelopment need in the office sector. The Dutch office market has long suffered a high vacancy rate due to oversupply. Outdated, empty offices no longer meet tenants' need.'
He also urged Dutch entrepreneurs to work towards a summit to tackle the problem of office vacancy and financing. 'We need to stop new developments in the wrong places,' he added.
