With hybrid and remote work schedules leaving millions of square feet of empty office space, “private owners are suffering,” says Eran Chen, a founder of the New York architecture firm ODA. “They may lose buildings to their banks; cities are losing real-estate tax dollars,” he adds. “And nobody likes an empty office district.”
Given the urgency of filling all the empty space, converting offices to residential use is seen as a twofer: making obsolete buildings useful again and allaying a national shortage of housing. Also, conversions can put units online quicker than new construction. Downtowns diversified by housing—and supplied with ample cultural and recreational amenities—draw more people. They extend 9-to-5 commercial monocultures to 18-hour “live/work/play destinations,” in real-estate shorthand.
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