20% post-pandemic US office vacancy rates lead to office-to-apartment conversions in housing-short cities.
Post-pandemic, office vacancy rates in the US have risen to 20% due to remote work and downsizing, leading to a surplus of commercial space. This has impacted existing development loans and caused defaults or creative refinancing. In response, cities with housing shortages are converting office buildings into apartments, adapting to the shift in work dynamics.
June 13, 2024
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