Office-to-Apartment Conversions Challenges

Office-to-apartment conversions face challenges due to financing issues, stagnating rental markets, and other obstacles, with only 1% of apartments built through new construction last year. The White House aims to update guidance and seek conversions of government-owned properties into housing. The Flatiron Building in Manhattan is undergoing a $161 million renovation to become a condominium development, aligning with the trend of repurposing office buildings into housing.