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By some estimates, only 3% of New York City office buildings and 2% in downtown Denver are suited for residential conversions. Office space and homes are two fundamentally different types of ...
The price of converting an office to an apartment runs at about $100 to $200 per square foot, according to a 2022 analysis from Moody’s Analytics, which noted that the cost is most likely higher ...
Between 2016 and 2021, only about 30 office-to-residential projects came online each year, according to a July 2023 Deloitte study. And as of the time of the study, there were only 217 such ...
Ongoing office-to-residential conversions are just a "drop in the bucket" of the projects to come, CBRE researchers say. There’s a housing shortage and an office glut.
Boston Mayor Michelle Wu announced a program on Tuesday to offer steep property tax discounts of up to 75% for landlords who convert empty office space into residential use. Many office buildings ...
In December 2022, Edge Funds and HSBC Alternative Investments sold the property. The new owners—GFP Real Estate and Metroloft, with the cooperation of Rockwood Capital—wished to convert the building to residential use. [24] [25] The new owners renamed the property from "4 New York Plaza" to "25 Water Street", and intended to redevelop the ...
Nearly 70 million square feet of office space, making up around 1.7% of the total U.S. supply, has been undergoing conversion projects to create residential-use spaces, or spaces for other uses.
Considering the fundamental challenges of office conversions, paired with the ongoing increase of employees returning to the office, it's safe to say that office-to-residential conversions are not ...