Phoenix could soon capitalize on office-to-apartment conversions

Here’s one way to add more housing stock: Transform previously non-residential buildings that are sitting empty into apartments. These conversions are having a moment, rising 25 percent in 2020-21 compared to the previous two years, to more than 11,000. Offices represent 40 percent of conversions, with factories (15.5%), hotels (12.8%), and warehouses (9%) in the mix as well. The market in Phoenix is ripe for this type of project, particularly because office buildings tend to be in desirable locations and have plenty of parking.

https://www.axios.com/local/phoenix/2022/11/30/phoenix-capitalize-office-apartment-conversions