Office to Multifamily Conversions
Declining office occupancy levels combined with a growing shortage of affordable residential housing has ignited renewed interest in converting office space to multifamily housing. According to CBRE, in 2021 8 million SF of office space was converted, that number rose to 12 million SF in 2022 and is expected to continue rising in 2023. While the majority of recent office space conversions have been to the laboratory and hospitality market, conversions to multifamily housing make up one-third… Read More