A growing number of developers are considering converting empty office towers into housing as part of an effort to revive struggling downtown business districts that emptied out during the pandemic.
But the conversion push has some skeptics. Housing advocates worry that the affordable housing requirements could get watered down. And even advocates of the conversion model say giving tax breaks to wealthy developers isn't the best tool to achieve the goal.
Jordan Woods, a 33-year-old federal government contractor, moved to an apartment in downtown Washington in 2019, attracted in part by the appeal of being able to walk to work. He said he was able to find dependable stores and restaurants that stayed open at night, but then the pandemic came and downtown became "like a moonscape" for more than a year.
They include mid-size affordable grocery stores and day care centers, pet supply shops, hardware stores and auto repair garages. And those places need to stay open past office hours. In New York City, where the vacancy rate is 15.5%, Mayor Eric Adams announced in January a plan to bring 500,000 new homes to the city including what he calls rent-restricted units.
Joey Chilelli, managing director of real estate firm Vanbarton Group, heads for an interview inside his company's high rise in Manhattan's financial district, undergoing conversion from commercial to residential apartments, April 11 in New York. But conversions alone in New York and elsewhere are unlikely to bring back entire downtown neighborhoods, nor will they automatically put a dent in the affordable housing crisis. In a March report, CBRE found that office-to-home conversions only represented about 1% of new multi-family projects and that, despite the hype, that "there's no evidence" they've significantly increased.
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Cities reviving downtowns by converting offices to housingA growing number of developers are considering converting empty office towers into housing as part of an effort to revive struggling downtown business districts that emptied out during the pandemic
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Cities reviving downtowns by converting offices to housingA growing number of developers are considering converting empty office towers into housing as part of an effort to revive struggling downtown business districts that emptied out during the pandemic. Many politicians see these conversions as a potential catalyst to bringing new housing to these dormant neighborhoods and, with that, restaurants, shops and other businesses serving these new residents. Some also see a chance to diversify neighborhoods with much-needed housing that is affordable to low- and middle-income residents. Conversion projects are underway in cities like New York, Washington, Pittsburgh and Dallas.
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Cities reviving downtowns by converting offices to housingA growing number of developers are considering converting empty office towers into housing as part of an effort to revive struggling downtown business districts that emptied out during the pandemic…
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