Hillary Hamburg published “Revitalization and Revenue: Office Conversions as a Way to Rebuild Cities” in the fall issue of Development magazine. The following is an excerpt:
The post-pandemic media landscape is full of headlines about the changing office market and the effects of remote work on the economy. This is happening as urban areas across the nation face an affordable-housing crisis. Office-to-residential conversions are a frequently discussed solution to the problem.
Converting offices to residential uses is not a new concept. According to a 2020 study by RentCafe, nearly 2,000 buildings have been transformed into apartments throughout the U.S. during the past 70 years — and 800 in the past decade alone. While there are obstacles to office-to-residential conversions, analyzing pre- and post-pandemic projects can identify paths for future conversions.