Seattle-Area Buildings Prime for Office-to-Housing Conversion
In a new working paper published recently by the National Bureau of Economic Research, researchers at New York University and Columbia University determined that 11% of office buildings in the U.S. are physically suitable for conversion to apartments. Converting offices into apartments is gaining popularity amid housing shortages in cities across the nation.
Dozens of aging office buildings across Seattle, Tacoma and Bellevue could be good candidates for conversion into thousands of new apartments, a possible solution to the housing shortage as empty offices go unused.
According to the Puget Sound Business Journal, the researchers compiled a list of 91 office properties in the Seattle metro area that would be prime candidates for conversion. The list includes notable downtown Seattle buildings like the Westin Building and Smith Tower. In total, these buildings add up to nearly six million square feet of space.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.