Amsterdam ING tower converted into 900 apartments

Over 60,000 square meters of the ING Harlemmerweg office space in Amsterdam is going under conversion into 900 apartment units. This is a result of the purchase agreement between real estate investment company Bouwinvest and the developer Pinnacle, which is going to transform the bank's office space. The vacancy rate of office buildings in Amsterdam region increased in the past year to 16 percent. It is expected to continue increasing in 2015. In the past five years, more than 1.8 million square meters of office space in the Netherlands was converted to residential areas to enhance the usage of existing property. The office space conversion comes as a result of high demand for accommodation in large cities and excess supply of existing office space.