The Rise of Office-to-Residential Conversions: A Nationwide Trend
The Rise of Office-to-Residential Conversions: A Nationwide Trend
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The COVID-19 pandemic has led to a surge in converting vacant office spaces into residential properties, especially in cities like New York, Los Angeles, and Cleveland. While this adaptive reuse strategy helps address urban housing shortages and revitalizes underutilized areas, it faces challenges like high conversion costs, zoning restrictions, and the need for high residential rents. Municipal incentives and federal programs aim to make these projects feasible, but they currently account for only a small percentage of new housing units. Despite limitations, office-to-residential conversions are becoming a key part of efforts to rejuvenate urban center