From 'Zombie' Offices to New Apartments: Converting Challenges and Advantages
A new study suggests that over 2,000 office buildings in American downtowns could be converted into eco-friendly apartment buildings, potentially creating up to 400,000 new apartment units. These conversions could address the issues of office vacancies due to remote work, higher interest rates, and climate regulations. The Greater New York City region has the most buildings suitable for conversion, followed by the San Francisco and Los Angeles metro areas. Retrofitting office buildings into apartments could help meet housing demand, reduce greenhouse gas emissions, and qualify for green technology grants. However, challenges such as zoning regulations and high conversion costs remain.