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With multifamily housing in short supply and rents hitting record highs the U.S.'s surplus of outdated office buildings could be ripe for apartment conversion. As a note there were 151 office buildings, hotels, or other commercial properties that were converted to apartments in the U.S. in 2021.
Until recently, developers mostly looked to convert early to mid-20th century office towers located in downtown districts, properties that tend to have relatively compact dimensions that make them ideal for apartments. But many empty office buildings are more like the Park and Ford. They are newer, more voluminous and often located somewhere off the interstate. Nationwide, there are nearly 1,000 relatively new office buildings that developers might view as candidates for residential conversion: properties built since 1980, measuring more than 100,000 square feet and at least 50% vacant, according to data from CoStar Group.
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