In city centers around the world, a quiet revolution is underway: empty office buildings are being reborn as apartment complexes. This surge in office-to-residential conversions has been gaining momentum, especially in the wake of the COVID-19 pandemic. With many offices still underutilized due to remote work and a persistent shortage of housing in urban areas, developers and city leaders are looking to these conversions as a win-win solution. The idea is simple — turn idle office floors into much-needed homes — but the implications are transformative. From New York’s bustling Midtown to Calgary’s downtown core, turning desks into living rooms is shaping up to be one of the biggest real estate trends of the decade.
The numbers tell a compelling story. In the United States alone, the volume of planned office-to-apartment projects has skyrocketed, jumping from roughly 23,000 converted units in 2022 to nearly 71,000 units expected in 2025. Office conversions now account for about 40% of all planned adaptive-reuse projects nationwide, up from just a quarter a few years ago. This rapid growth reflects a convergence of factors: record-high office vacancy rates, surging demand for urban housing, and new incentives that make adaptive reuse more appealing. Below, we explore what’s driving this shift, the financial logic behind it, real-world success stories, and the challenges that come with reimagining office towers as places to live.
What’s Driving the Shift?
High office vacancies post-pandemic: The rise of remote and hybrid work has left many office buildings partly or completely empty. Global companies downsized their footprints as employees proved they could work effectively from home. As a result, office vacancy rates have soared to levels not seen in decades. For example, by 2023 the average office vacancy in the U.S. hovered around 18–20%, reaching as high as 25% in some hard-hit downtowns. In New York City alone, tens of millions of square feet of office space now sit vacant. Rather than letting these buildings turn into ghost towns (and financial liabilities), building owners and investors are seeking ways to put the space to productive use. Converting offices into apartments offers a lifeline: it fills the empty floors with residents, generates rental income, and breathes new life into business districts after 5 PM.
Housing shortages in urban centers: At the same time, cities are facing an acute housing crunch. Years of underbuilding, population growth, and increased urbanization have created a shortage of homes, driving rents and prices sky-high. Major metropolitan areas from San Francisco to Toronto are struggling with affordability as demand far outstrips supply. The United States is estimated to be short by several million housing units, and the gap is especially pronounced in desirable city neighborhoods. Office-to-residential conversions are an attractive solution to add housing stock relatively quickly. Instead of constructing a brand-new residential tower from scratch (which can take many years), developers can retrofit an existing structure and deliver apartments to market sooner. Each converted office building might yield dozens or even hundreds of new units of housing — a significant boost in supply that can help ease pressure on rents. In essence, conversions tackle two urban problems at once: they chip away at housing shortages while absorbing excess office inventory.
Public sector support and incentives: Recognizing the potential benefits, governments and city authorities are increasingly backing office conversion initiatives. Public sector support comes in various forms. Some cities have changed zoning laws and building codes to make conversions easier — for instance, allowing residential use in districts once zoned only for commercial or relaxing certain requirements that are hard for older office structures to meet. Other municipalities offer financial incentives to sweeten the deal. A notable example is Calgary, Canada, which launched a bold incentive program offering grants of up to $75 per square foot of office space converted to residential use (capped at $15 million per project). This program, coupled with expedited approvals, has been so popular that it temporarily ran out of funds and had to be refunded by government sources. Similarly, San Francisco updated its planning and building codes and created a special financing district to encourage developers to turn empty offices into housing, even providing tax breaks and fee waivers for qualified projects. In New York, state and city officials have proposed new tax abatements for office conversions that include affordable housing units, aiming to stimulate redevelopment of older office buildings in Manhattan into apartments. Even at the federal level, there are efforts to support the trend — U.S. lawmakers have floated legislation to offer tax credits and low-cost financing for converting commercial buildings into residences. All these measures send a clear signal: the public sector is keen to catalyze office-to-residential conversions as a strategy to revitalize downtowns and address housing affordability.
Financial Feasibility and ROI Considerations for Investors
For real estate investors and developers, an office-to-residential conversion is fundamentally a financial equation. The potential returns can be attractive, but only if the cost and revenue math works out. One major consideration is the cost of conversion vs. new construction. In many cases, reusing an existing structure can save money and time compared to building a residential tower from the ground up. The foundation, frame, and often the facade are already in place, representing millions of dollars of past investment that can be repurposed. Studies have found that when a building is suitable for conversion, the project can be completed at roughly 20–30% lower cost than erecting a new building of similar size. Architecture firm Gensler, which has analyzed hundreds of office properties, noted that adaptive reuse can create new housing “at a 30% lower cost than new construction” in the right circumstances. These savings come from reducing heavy construction work and materials. Conversions can also be faster to complete, meaning investors start earning rental income sooner than they would with a new build that might spend years in planning and construction.
Of course, not every office building is a good candidate, and sometimes conversion costs approach or even exceed the price of building new. Much depends on the specific building’s condition and layout (more on those challenges later). Investors must budget for significant interior demolition, reconfiguring floor plans, adding plumbing and kitchens, upgrading elevators, and bringing systems up to residential code. On a per-square-foot basis, conversion projects might range widely in cost — one report by CBRE put the range at roughly $100 to $500 per sq. ft. depending on the building’s starting point and the luxury level of the final product. Thus, the feasibility boils down to whether the finished apartments’ value justifies the renovation expense and the price paid to acquire the property.
When the numbers do work, the rental yield and asset appreciation potential can make conversions very enticing. Many underutilized office buildings can be purchased at a deep discount, especially in today’s market of rising vacancies and distressed office loans. An investor who buys an old office tower at a bargain and spends capital to convert it could wind up with a valuable residential asset in a high-demand location. The income profile of a residential building can be stronger than that of a struggling office building. Apartments in central locations often enjoy high occupancy (urban residential vacancies tend to be low, often under 5% in many cities) and steady rent growth. In fact, the Urban Land Institute found that converting an obsolete office property to multifamily use can increase its income-generating potential dramatically — in some cases boosting net operating income by 40% to 60% compared to the office use. The reasoning is simple: people need housing and are willing to pay for well-located apartments, whereas an old office may have been sitting half-empty, producing minimal rent. Additionally, residential properties are typically valued on stabilized income, so a successful lease-up of a conversion can significantly lift the building’s appraised value, delivering appreciation on top of rental yields. There’s also diversification and resiliency to consider; residential real estate often weathers economic cycles differently than offices, providing a hedge for investors shifting away from a troubled office sector.
That said, investors have to navigate key financing challenges to realize these benefits. Traditional lenders can be cautious about office conversion projects. They carry construction risk (the building usually can’t generate income during the conversion period) and market risk (will the apartments rent for enough to cover the costs?). Especially after recent interest rate increases, securing loans for adaptive reuse can be tricky and often requires more equity or guarantees. In some cases, developers turn to specialized financing such as bridge loans or partner with private equity, opportunity funds, or public agencies to fill the capital stack. Government incentives can play a pivotal role here: tax credits, low-interest loans, or grants (where available) effectively act as equity substitutes that improve the project’s financial viability. For example, a developer might use a combination of historic rehabilitation tax credits, affordable housing tax abatements, and city grants to shave millions off the cost of a project. Another strategy to overcome financing hurdles is pre-selling or pre-leasing a portion of the project (if converting to condos or if a large block of units can be master-leased for affordable housing) to demonstrate demand. Creative deal structures, such as land leases or joint ventures with landowners, can also mitigate upfront costs. In short, while the return on investment for office-to-residential conversions can be promising, it requires savvy financial planning and often a bit of help from public-sector programs to make these deals pencil out. Investors who crack the code stand to benefit from both healthy cash flow and the upside of transforming a building’s use and value.
Successful Case Studies
Real-world examples of office-to-residential conversions are popping up in many major cities, offering proof of concept and lessons learned. Each project is unique, but together they showcase the potential of adaptive reuse.
New York City: New York has been at the forefront of office conversions, particularly in Lower Manhattan. After the Sept. 11 attacks and again during the 2020s, downtown Manhattan saw waves of older office buildings turned into apartments, helping create the thriving residential community that exists today in areas like the Financial District. A headline-grabbing current example is 25 Water Street, a 22-story former office tower in FiDi that is in the process of becoming over 1,300 rental units – the largest office-to-residential conversion project in U.S. history. This modernist building from the 1960s, once home to big corporate offices, will soon feature apartments with high ceilings and amenities like a rooftop deck, all while retaining its original structural frame. The scale of this project shows how far the concept has come. Meanwhile, New York’s midtown neighborhoods are also eyeing conversions for older office towers that struggle to compete with newer, amenity-rich office buildings. City and state officials are actively pushing to loosen regulations to allow more conversions, as Manhattan still has tens of millions of square feet of aging office space that could be candidates for housing. With new tax incentive programs on the horizon, New York may see even more such transformations in the near future.
Washington, D.C.: The U.S. capital is another hotbed for conversions, driven by one of the nation’s highest office vacancy rates. Downtown D.C. has an oversupply of older office buildings at a time when demand from government and lobby tenants is shrinking. In response, both private developers and D.C. officials have embraced residential conversions as a tool to revitalize the city’s core. The D.C. metro area actually led the country in office-to-apartment conversion activity in recent years by number of units. More than 5,000 new residential units are in the pipeline from office conversions in D.C., including projects that cater to a range of income levels. A notable case is the conversion of the long-vacant Thompson Center (a hypothetical example for illustration) into mixed-income housing just a few blocks from the White House, showcasing how even blocks once dominated by 9-to-5 offices can become 24/7 residential neighborhoods. The local government has streamlined permitting for conversions and even convened task forces to identify which empty office buildings are the best candidates. D.C.’s experience is proving that with the right policy support, a city known for its office economy can successfully pivot some properties to residential, bringing new life to streets that used to go quiet after work hours.
Calgary, Alberta: One of the most oft-cited success stories comes from Calgary. This Canadian city experienced a severe office vacancy crisis in its downtown after oil-price crashes and the pandemic hit its energy industry. Rather than let the core languish, Calgary’s leaders launched an ambitious Downtown Development Incentive Program to encourage office conversions. The program’s carrot — a substantial grant of CAD $75 per square foot for approved projects — has yielded impressive results. As of 2024, Calgary had approved 11 office-to-residential conversion projects, which together will create roughly 1,500 new apartment units in the downtown area. These projects are projected to eliminate about 1 million square feet of empty office space, moving the city closer to its goal of removing 6 million square feet of surplus office by 2031. The projects vary from a 10-story former government office being retrofitted into modern apartments, to a large office tower that’s being partially converted into residential with the rest repurposed as a long-stay hotel. One completed example is The Cornerstone, a former office building that opened as a residential complex in 2024 and was among the first successes of the program. Calgary’s mayor has touted these conversions as transformative — not only housing more Calgarians but also boosting local businesses and street vitality. The city’s approach has garnered international attention, with other cities in Canada and the U.S. studying Calgary’s model. It demonstrates how public incentives, combined with private investment, can quickly change the landscape: downtown Calgary is on its way to becoming a more mixed-use, livable neighborhood rather than an office district suffering from high vacancy.
San Francisco: San Francisco’s downtown has been famously hit hard by the tech sector’s shift to remote work, leaving many modern high-rises sparsely occupied. In response, the city is exploring office-to-residential conversions as part of the solution to its housing shortage and downtown slowdown. San Francisco’s situation is challenging — many of its empty offices are in newer skyscrapers with large floor plates, which are not the easiest to convert to livable units. Nonetheless, efforts are underway. The city government in 2023 passed ordinances to relax certain building code requirements for conversions, aiming to make it easier to add residential features to office structures (such as allowing smaller unit sizes or waiving some light and air requirements if needed). They also established a Downtown Revitalization Special District that can provide financial support, such as infrastructure financing, to adaptive reuse projects. A few developers have already taken the plunge. One example is the historic Chronicle Building at 901 Mission Street – originally a mid-century office building – which is being converted into several hundred apartments with ground-floor retail. Another high-profile plan involves the conversion of portions of the Westfield San Francisco Centre (a large mall and office complex) into mixed-use space including residential. While San Francisco’s conversion movement is still in early stages compared to East Coast cities, the combination of policy changes and a pressing need for housing is pushing the trend forward. Success here could provide a template for other tech-heavy cities grappling with underused offices and sky-high housing demand.
Challenges and Limitations
Despite the enthusiasm and momentum, office-to-residential conversions are far from straightforward. There are significant challenges and limitations that stakeholders must contend with, and these factors mean that not every empty office can (or should) be turned into apartments. Here are some of the key hurdles:
Design and architectural constraints: One of the biggest challenges is purely physical. Office buildings were designed for a very different purpose than housing, and retrofitting them isn’t always practical. A common issue is the floor plate size and layout. Many office towers, especially newer ones, have large, deep floor plates – meaning the distance from the center of the building to the windows can be extensive. In an office, a deep floor plate is fine for cubicles or conference rooms. But in an apartment, you want every living space to have natural light and operable windows. Converting a building with a very wide floor plan might result in awkward layouts with long, windowless corridors or interior rooms that don’t meet residential building codes. Developers sometimes must get creative, perhaps carving out atriums or light wells in the center of a building to bring daylight in – but that can be very expensive and reduce the total usable square footage.
Additionally, structural and systems issues pose challenges. An office building might have sufficient elevators and emergency exits for a single-tenant office setup, but residential use could require more egress stairwells, additional fire-rated separations between units, and different safety systems. The placement of structural columns can make it tricky to lay out apartment walls without creating odd-shaped rooms. Floor-to-ceiling heights that were adequate for offices might feel low for apartments once you add in drop ceilings for new plumbing and electrical work. And speaking of plumbing: an office tower typically has bathrooms grouped in a few core locations, whereas apartments need kitchens and bathrooms spread throughout each floor. This means running a maze of new pipes for water and sewage through the building, often vertically stacked to connect bathrooms from floor to floor. The existing HVAC (heating, ventilation, air conditioning) system of an office might have been one big system for the whole floor; in a residential conversion, units often need individual HVAC units or a re-zoned system for personalized climate control, requiring significant re-engineering. All these modifications must be done while respecting the building’s structural limits — you can’t, for example, just punch giant holes in floors or remove critical support columns without complex (and costly) engineering solutions. In short, some buildings, especially those with more compact, rectangular layouts and ample windows, convert relatively easily, while others with unconventional shapes or huge open floors are nearly impossible to turn into comfortable living spaces.
Regulatory and zoning hurdles: Conversions often face a thicket of regulatory approvals. Zoning laws may prohibit residential use in areas that have been historically commercial. Changing the zoning or getting a variance can take time and involves public hearings, where community concerns (about issues like density, parking, or the loss of commercial tax base) might arise. Even when zoning is not an issue, building codes certainly are. An office-to-residential project must comply with residential building codes, which can mean upgrading sprinkler systems, adding fire escapes, ensuring proper emergency egress for every bedroom, meeting accessibility requirements, and more. These codes are there for good reason — they ensure safe habitations — but older office structures might not easily accommodate the changes needed. For instance, some older buildings might have only one staircase, but residential codes usually require two means of egress from upper floors; adding a new staircase or external fire escape is a major construction project in itself. Parking requirements can be another hurdle: a zoning code might require a certain number of parking spaces per residential unit. An existing office building may not have enough parking to meet that, and adding new parking (like building a garage) might be unfeasible or eat up a lot of budget. Some cities are adjusting these rules (for example, reducing or eliminating parking minimums for downtown conversions in favor of encouraging transit use), but developers still have to navigate the rules on the books.
Historic preservation status is yet another factor — if the office building is old enough or architecturally significant, it might be landmarked. That can be a double-edged sword: on one hand, historic buildings often have the charming features and human-scale dimensions that make for great residences (and they might qualify for historic tax credits to help finance the project). On the other hand, landmark status means you have to preserve certain elements (façades, corridors, etc.), which can limit design changes and add to costs. All told, between planning permissions, code compliance, and possibly needing waivers or variances, the red tape can be a significant impediment to quick, cost-effective conversions.
Conversion cost and economic viability: Even if a building is technically and legally feasible to convert, the economics don’t always pan out. High construction costs, especially in major cities, can erode the financial viability of a conversion. If an office building was purchased at a relatively high price (say, before the remote work trend was fully evident), the owner may find that the additional investment required to convert it cannot be justified by the expected rental income from apartments. In some cases, it might make more sense to continue operating the building as is (perhaps hoping the office market recovers) or even to demolish and sell the land for new construction, rather than pour money into a complex conversion. There’s also the risk of cost overruns — unexpected asbestos in old walls, structural surprises, or the need to replace aged infrastructure can all drive up expenses mid-project. These uncertainties make lenders and investors cautious. We’ve seen that while thousands of units are being planned as conversions, the completion rate each year is relatively modest. For example, in 2024, only a few thousand of the tens of thousands of proposed conversion units were actually delivered as finished apartments; the rest are still in process or were delayed. This indicates many projects encounter speed bumps that lengthen timelines or increase budgets.
Market conditions must also cooperate. If a city’s housing market is softening (for instance, if there’s an exodus of residents or a surge of new construction flooding the market), a conversion might struggle to achieve the rents needed for profitability. Conversely, if the office market suddenly rebounded (imagine a scenario where companies urgently return to offices), an owner might second-guess removing their building from the office inventory. Essentially, conversions often make the most sense in markets where office values are depressed but residential values are high — a sweet spot that exists in many cities today, but could change in the future. Not every city has that combination. Additionally, not every type of office can become residential; some will find alternate uses like labs, schools, or hotels to be more viable. So, while office-to-residential conversions are a powerful tool, they aren’t a silver bullet for every empty building. Stakeholders must carefully assess each opportunity, balancing the architectural, regulatory, and economic factors to determine if the conversion will be successful.
Future Outlook and Investment Opportunities
The rise of office-to-residential conversions is more than a passing fad — it reflects a broader evolution in how we use urban space. Looking ahead, several questions arise: How long will this trend last, and what regions will see the most activity? And how can investors position themselves to capitalize on this shift?
How long will the trend continue? All indications suggest that the office-to-residential conversion wave still has momentum and room to run for the next several years. The fundamental drivers — remote work stabilizing at higher levels than pre-pandemic, and a structural housing shortage in many cities — are not short-term blips but rather systemic changes. Many companies have settled into hybrid work arrangements, reducing their need for office space permanently. At the same time, urban populations aren’t shrinking (in many places they’re growing, or at least the number of households is increasing), and new housing construction is not keeping up. Thus, the conditions that made conversions attractive in 2023 will likely persist through the mid-2020s. In fact, in 2024 and 2025, we expect to see record numbers of conversion projects either breaking ground or being completed, as evidenced by the robust pipeline of thousands of units planned. Government initiatives, such as newly adopted tax incentives or federal funding streams for conversions, are also kicking in and will encourage projects in the near term.
However, it’s worth noting that this trend will eventually plateau. There is a finite supply of office buildings that are suitable candidates for conversion — not every office can be converted, and the “low-hanging fruit” (the easiest, most financially obvious projects) will be picked first. Over time, if a significant amount of obsolete office stock is removed from the market or repurposed, the office market could start to stabilize, slowing the urgency for conversions. Likewise, if the housing shortage eases (for instance, through massive new construction or population shifts), the incentive to create new apartments will diminish. Realistically, we are far from that equilibrium in most major cities, so the conversion trend has a multi-year runway. It may simply evolve: we might see more partial conversions (where part of a building remains office and part becomes residential), or conversions to other uses like senior housing or student housing, depending on what the community needs. Additionally, if economic conditions change — say, if interest rates remain high for a long period — the financing of these deals could become harder, potentially tapping the brakes. But barring any dramatic reversal of remote work or an oversupply of housing, adaptive reuse of offices is poised to remain a key strategy in urban redevelopment for the foreseeable future.
Markets best positioned for conversions: Not all cities are equal in this trend. The best candidates are generally markets that have a combination of high office vacancy and high housing demand. These tend to be larger, globally connected cities or those with strong service-oriented economies. We’ve already seen significant conversion action in places like New York City, Washington D.C., San Francisco, Los Angeles, Chicago, Philadelphia, and Boston in the U.S., as well as international hubs like London and Toronto. These cities often have older central business districts with aging office stock and simultaneously face pricey housing markets where any additional supply is welcome. For example, a city like Washington, D.C. – with its surplus of 1980s office buildings and a tight housing market – is ripe for continued conversions. San Francisco, despite its challenges, has such a housing undersupply that even a few successful conversions could serve as proof of concept and spur more. On the other hand, cities with tepid housing demand or already-low office vacancies (perhaps some smaller or midwestern cities) won’t see as much pressure for conversions, because the economic upside isn’t there. It’s also worth watching emerging tech hubs or Sun Belt cities where remote work has taken hold; some have a lot of new office development that could become underutilized, and if those cities also attract new residents, conversions could make sense in the future.
Interestingly, some suburban areas could also participate in this trend. Think of older office parks or corporate campuses that are largely empty now — in some cases, those buildings or sites can be redeveloped into residential communities or mixed-use neighborhoods. While the classic image of office-to-residential is a downtown high-rise, creative developers are also eyeing low-rise office complexes, converting them into garden apartments or townhomes, especially if they are near transportation or in otherwise high-cost suburban areas. In short, the markets to watch are those where the economic gap between office and residential values is widest. Wherever an office building’s value drops far enough and housing values remain high, the pressure to convert will be greatest.
Investor strategies for navigating this space: For investors interested in diving into office-to-residential conversions, a strategic approach is essential. First and foremost, due diligence is key — thoroughly evaluate potential buildings for physical and regulatory feasibility before acquisition. This means working with architects and engineers early on to identify which buildings have the right floor plate dimensions, structural layout, and facade features (like plenty of windows) to be good candidates. Many seasoned developers say that selecting the right building can make or break the project; a slightly smaller or older office building with a skinny floor plate might actually convert more easily (and cheaply) than a newer, bigger one. It’s often wise to target so-called “Class B or C” office buildings in prime locations: these buildings are usually cheaper to buy than premium offices, but they’re in areas where people would love to live (near jobs, transit, amenities). They also often have simpler designs that lend themselves to apartments.
Next, investors should familiarize themselves with local incentive programs and zoning rules. A savvy investor will actively seek out markets that offer grants, tax abatements, or expedited approvals for conversions — these can significantly improve project economics. Building relationships with city officials and understanding the planning landscape can help in crafting proposals that meet community goals (like including some affordable housing units or public space in the project) and therefore sail through approvals more smoothly. In many cases, public-private partnerships can emerge, where a city might, for example, lease a portion of the converted units for workforce housing, providing the developer a guaranteed income stream.
Another strategy is to assemble a multidisciplinary team with experience in adaptive reuse. Construction in an existing building is very different from ground-up development, with its own set of risks and surprises. Teams that have done it before can anticipate the pitfalls better and value engineer the project creatively. Investors may consider partnering with specialist firms or consultants who focus on conversions. Also, community engagement is part of the strategy — ensuring that neighborhood groups, local businesses, and other stakeholders are supportive (or at least not opposed) can prevent costly delays or PR battles. If a conversion can be positioned as a community benefit (revitalizing a blighted property, adding housing and maybe ground-floor retail that serves the area), it’s more likely to be embraced.
Lastly, patience and flexibility are vital. These projects can take time to get off the ground, so investors should be prepared for a longer horizon and build in contingency plans. It may be wise to have a fallback strategy: for instance, if market conditions change, perhaps the building could instead convert to an alternate use like a hotel or mixed-use complex. Keeping options open can protect the investment. Despite the challenges, those investors who master the art of office conversions may find themselves at the forefront of a significant shift in urban real estate, with the opportunity to reap substantial financial rewards while contributing to solving urban housing shortages.
Conclusion
The trend of converting office buildings into residential spaces is reshaping skylines and downtown streetscapes in real time. What started as a niche solution – often born of desperation during economic slumps – has evolved into a mainstream strategy for urban adaptation. In a post-pandemic world, flexibility is the name of the game: cities must adapt to changing work patterns, and buildings must adapt to changing market needs. Office-to-residential conversions embody this flexibility by taking the excess of one realm (empty office space) and turning it into a valuable resource for another (much-needed housing).
Adaptive reuse of offices is also fostering a new vision for city centers. Instead of monolithic business districts that empty out at night, we are seeing the emergence of mixed-use neighborhoods where people live, work, and play 24/7. A former bank headquarters might now house young professionals in loft-like apartments, who in turn support local restaurants, shops, and services after the commuters have gone home. This blending of uses makes cities more vibrant and resilient. It can improve public safety (more “eyes on the street” around the clock) and reduce commute burdens on infrastructure. And from an environmental perspective, reusing an existing building’s structure is often a greener choice than demolition and building anew, as it saves on materials and reduces construction waste.
To be sure, office-to-residential conversions are not a simple cure-all. They require overcoming structural, financial, and bureaucratic obstacles, and not every project will be feasible. But the momentum behind this movement is real. With governments offering support, investors getting more creative, and design professionals devising innovative solutions, we can expect to see more gleaming office towers find second lives as apartment buildings in the coming years. In the process, the future of commercial real estate is being rewritten. The traditional boundaries between asset classes are blurring — an office building isn’t just an office building anymore; it’s a potential community, a potential home. As cities strive to remain dynamic and livable, the adaptive reuse of offices into residences stands out as a powerful tool, one that not only addresses immediate economic needs but also paves the way for a more sustainable and inclusive urban future.
