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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 ...
But the flood of office conversions was more of a trickle. Between 2016 and 2021, only about 30 office-to-residential projects came online each year, according to a July 2023 Deloitte study.
The Biden administration announced a plan in late 2023 to help speed up conversions of high-vacancy commercial buildings to residential spaces “through new financing, technical assistance, and ...
Office/residential – multi-family residential units within office building(s) Shopping mall conversion – residential and/or office units added (adjacent) to an existing standalone shopping mall Retail district retrofit – retrofitting of a suburban retail area to a more village-like appearance and mix of uses
This reimagining and reuse of space through office-to-resi conversions could help to ease the undersupply of residential units in the U.S.—which is “structurally short” an estimated 2 ...
Plans were made to add 10 more floors to the existing 22, and to replace the red-brown brick exterior of the structure, or repaint it a light beige. The plan included about 1,300 apartments for the redeveloped building, which would make it the largest office-to-residential conversion in the country. Preparatory work began in mid-2023. [26] [8
In California, the state's 2023 budget allocates $400 million in incentive grants for office-to-residential conversions, while in Denver, city council considers converting some downtown office ...
The report comes as the number of office spaces set for residential conversions is on the rise, up to 55,000 this year. That marks a 357% increase from 2021, according to Yardi Matrix data.