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Nearly 1 in 3 NYC Office Buildings Offer Strong Conversion Potential
New York City is home to 85 million square feet of office space, concentrated mainly in Manhattan, with strong potential for residential conversion, PropertyShark reported. The 754 buildings in this top-tier group represent 31% of the city’s office stock but hold just 15% of its office space.
An additional 34% of NYC office space has residential conversion potential but comes with design and structural restrictions, according to PropertyShark’s report on the feasibility of NYC office-to-residential conversions. The remaining 51% is much more difficult and cost-prohibitive to reconfigure for residential use, the report stated.
Ten neighborhoods–all but one in Manhattan–hold about 74% of the city’s top-rated space for office-to-residential conversion, according to the report. These neighborhoods will see a total of $4 billion in office loans maturing over the next three years across their top convertible office buildings, with $952 million of these maturities occurring in 2025 alone.
- ◦Development
