CMB News Of The Day 📰🗞️🗞️

"The Surge in Office-to-Apartment Conversions Across U.S. Cities Faces Completion Challenges"‼️‼️‼️‼️

With office spaces sitting empty at levels not seen in decades and affordable apartments in top U.S. cities feeling like a pipe dream for many, property developers are turning to a practical fix: transforming deserted corporate buildings into residential units. According to a RentCafe data analysis cited by Axios, the number of office-to-apartment conversions underway nationwide jumped to 70,700 in January—a 28% rise from last year and nearly triple the figure from 2022.

Converting workplaces into living spaces isn’t a simple task, though. Despite a wave of new project proposals, developers have only finished less than 7% of the units that were in progress this year. Still, with remote work sticking around from the pandemic days—even as companies push for office returns—it’s clear the hunger for homes is outpacing the need for office square footage