Researchers from Columbia University and New York University have identified more than 550 office buildings in New York City that could potentially be converted into apartment units while remaining profitable. This represents more than 64 million square feet of office space, first reported by New York Business Journal.
The researchers considered factors such as building size, floor plates, and plumbing infrastructure in their analysis. They found that office-to-apartment conversions are profitable in just six of the 20 major metropolitan areas they evaluated, including New York, San Francisco, Washington, D.C., Denver, Boston, and San Jose.
Federal and local subsidies may be needed to make conversions financially feasible in other areas. Converting offices into apartments is seen as a potential solution for addressing housing shortages in cities like New York.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.