Challenges and Opportunities in Converting Empty Offices into Apartments

Converting empty office buildings into apartments in the US is becoming increasingly challenging due to financing issues, stagnating rental markets, and other obstacles. However, the number of conversions is expected to rise as office vacancies increase. The Flatiron Building in New York City is undergoing a $161 million renovation to become a condominium development, aligning with the nationwide trend of repurposing office buildings into housing. The Biden administration has released a plan to make it easier for property owners to convert empty offices into apartment units, with a focus on sustainability and affordability.