As commercial-to-residential conversions gain momentum, our latest U.S. office market report reveals that over 1.2 billion square feet of office space — 14.8% of the nation’s total — have strong potential for conversion to residential use.
Our new Yardi Conversion Feasibility Index scores office buildings on their suitability for multifamily conversion, and we ranked markets by the percentage of existing office buildings scored as top and solid candidates for adaptive reuse. While Manhattan leads with 53.1% of its office stock qualified for conversion, other top markets include:
San Francisco ranks second with 25.8% of office buildings suitable for conversion, first nationwide with a 25.4% vacancy rate in July, up 420 basis points year-over-year
Los Angeles comes close with 24.7% of stock qualified for multifamily conversion
Chicago takes the 5th place nationwide, recording 18.6% of its office stock as eligible for converting to residential, with a 19.1% vacancy rate last month
Miami follows with 16.1% of existing office space suitable for adaptive reuse as apartments
Find out which markets have the most properties suitable for shifting to apartments and get the latest office market data in this month’s report: https://www.commercialedge.com/blog/national-office-report/
<p>The post 15% of Office Buildings Eligible for Residential Conversions first appeared on CCR-Mag.com.</p>
