Some older Phoenix-area offices could convert to apartments, but at a hefty cost

After the pandemic emptied out offices and employees never returned full-time, the question looms: Can former cube farms be converted into housing? A recent report for the National Bureau of Economic Research analyzed select office space nationwide and found that about 11 percent was suitable for saving, including 37 properties in the Valley. That added up to about 2.2 percent of the total 96 million square feet of office space locally. Most of the eligible inventory is class B and C offices based in central Phoenix, specifically Midtown. However, office-to-housing conversions are often costly and complex—not least because they need extra plumbing, restrooms and kitchens—so it makes more sense for developers in the Phoenix market to build from the ground up.

Source: https://www.bizjournals.com/phoenix/news/2023/10/23/phoenix-office-apartment-conversion-2023.html