Wohnraummangel trotz Büroleerstands: Investitionsaufschub auf dem Immobilienmarkt

Many German cities simultaneously face rising office vacancies and persistent housing shortages. Although converting offices into residential use is often technically and economically feasible, such transformations remain limited. This article explains the persistence of vacant office space using a real options perspective. Under conditions of uncertainty, irreversible investment, long approval procedures and low holding costs, postponing redevelopment can be individually rational. Rising interest rates may further increase the option value of waiting. Policy should therefore focus on altering key investment parameters – for example by increasing holding costs of underused land, reducing regulatory uncertainty and shortening approval processes.