Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Report: Seattle Among Top U.S. Cities for Office Conversion
Two Pacific Northwest cities have ranked in the top ten out of 30 U.S. cities for office conversion feasibility.
According to the Commercial Cafe report, Seattle came in ninth and is home to nearly 4 million square feet of Tier I office space and 18 million square feet of Tier II space. Combined, these represent approximately 26% of the city’s rentable office stock.
Portland, Oregon, rounded out the top 10 for Tier I office stock candidates with a comparatively modest 2.8 million square feet of office space in this category. Together with the nearly 11 million square feet in Tier II, more than 30% of rentable office space here is a considerable candidate for residential conversion.
CommercialEdge’s conversion feasibility index (CFI) data for the 30 largest cities analyzed how much office space is potentially convertible based on several factors, including building characteristics, location and placement advantages, and architectural and environmental considerations.
