Revitalizing Vacant Offices Through Housing Conversions
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Demand for office space continues to shrink significantly nationwide, with the vacancy rate at 17.8 percent. This has prompted a conversation about converting that type of unused real estate to housing. Although some high-profile projects have popped up in certain markets, the idea hasn’t caught on in widespread fashion due to logistical and financial challenges. The Biden administration unveiled programs to spur this swap, but its impact isn’t clear yet. Public support to overcome zoning and preservation issues is essential to move forward with more conversions.
Source: https://www.commercialsearch.com/news/revitalizing-vacant-offices-through-housing-conversions/
