How Vertical Farming Can Transform Unused Office Buildings

As of Q1 2023, the U.S. office vacancy rate has surged 34.6% since Q4 2019. This increase is largely due to the COVID-19 pandemic, which has led to a shift in how people work. Many businesses have adopted remote or hybrid work models, which has reduced the demand for office space. Additionally, the pandemic has also led to layoffs and bankruptcies, which has further increased the supply of office space.

As such, some landlords are converting offices into apartments, but others are getting more creative. 

The owner of the Burnham Center in Chicago is reportedly negotiating a lease with the nonprofit organization Farm Zero. If a deal is struck, over 70,000 square feet of empty office space could be used for vertical farming.

As you may know, vertical farming involves growing crops in vertically stacked layers inside a building. It uses artificial lights to grow plants. Hence, any place with a steady electricity supply can grow fruits and vegetables – an office building, a shipping container, or even an abandoned underground mine. The current office turmoil explains why some landlords consider vertical farming.

Since vertical farms don’t rely on the sun, industry expert Brad Thomas says they can grow up to 350X more plants than a traditional farm using the same amount of land and 95% less water. Vertical farms also have the potential to produce food year-round, no matter how bad the weather is. They don’t need chemicals to control pests and weeds, hence cleaner produce. If located in major cities, they could help reduce transportation costs and deliver fresher food more quickly.

But exciting as this new technology is, it takes a lot of money (and electricity) to keep the lights on for the plants to grow. And so far, the practice has only seen major success in growing leafy vegetables and small fruits like strawberries.

In other words, while vertical farming has the potential to change the way we grow food, it’s still in its high-risk infancy stage. Still, its potential to revolutionize the food industry with cleaner, fresher, cheaper produce is a noteworthy trend. And as agricultural technology continues to improve, vertical farming could be key to repurpose empty office buildings around the country.

• Soy Oil Holding Higher During Bean Weakness
• Wheat Currently Red on Wednesday
• Dec Corn Testing $5 Mark with Midweek Losses
• Ever Tighter Coffee Supplies Pushes Prices Higher