Photo: Dusan Petkovic via Adobe Stock Office-to-Residential Conversions and the Risks Involved
Many current owners and developers have spotted an opportunity amidst the challenges the work-from-home paradigm shift has presented: the "office-to-residential conversions." However repurposing office buildings for residential use can be risky.
October 29, 2024 at 10:00 AM
9 minute read
Office building owners are grappling with significant challenges in the post-pandemic market, particularly in New York City. The widespread use of remote and hybrid work arrangements has significantly stalled the return-to-office efforts of office tenants and led to continually high office vacancy rates, which, according to the New York City Comptroller's Office, roughly doubled between early 2020 and mid-2024.
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