Midtown Manhattan as seen from Roosevelt Island Is There New Life for Underutilized Office Buildings?
The pandemic has changed the way we use office space. New York City has a significant amount of under-occupied or vacant office real estate. Converting these commercial spaces to residential could help to solve the housing affordability crisis, but not every building is a viable candidate for a residential conversion—it's expensive to renovate, there are no tax breaks, and the commercial districts have not been re-zoned to permit these conversions—so how can they do it?
March 07, 2023 at 10:00 AM
5 minute read
Real Estate
There's a buzz in the real estate industry about converting commercial office space in business districts to residential use—and it's only getting louder. The pandemic has changed the way we use office space in New York City, among other cities.
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