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— - 1 Moody's - 1 CommercialEdge - 1 Lance Lambert - 1 Lambert - 1 " Lambert - 1
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RentCafe ResiClub Washington New York
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☆ Office-to-residential conversions have surged 357% since 2021 as billions in commercial mortgages come due
  + stars: | 2024-02-07 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +3 min
Office-to-residential conversions are up 357% since 2021, according to a report from ResiClubThere's $150 billion in office mortgages set to come due in 2024. Last year, about $541 billion of commercial real estate debt officially matured. AdvertisementBy 2027, $2.2 trillion of commercial real estate debt is set to mature, Capital Economics said. ResiClub cofounder Lance Lambert pointed out that commercial buildings aren't all designed or constructed to be repurposed as living spaces. "It makes sense given the wave of expired leases and vacant office buildings," Lambert said.
Persons: —, Moody's, CommercialEdge, Lance Lambert, Lambert, " Lambert Organizations: Service, ResiClub, Federal Reserve, Washington DC, Dallas, Research, Capital Economics, Business Locations: RentCafe, ResiClub, Washington, New York
☆ Developers rush to convert run-down hotels and offices into shiny new apartments as the costs of new construction and borrowing money soar
  + stars: | 2022-09-21 | by ( Robert Davis | ) www.businessinsider.com   time to read: +7 min
Some real-estate developers are increasingly targeting offices and hotels for conversion into apartments because, they say, these projects are the only ones that make financial sense right now. The company spent a total of $14.2 million to acquire the properties, which Hubbard described as "on the run-down side." With conversions, developers are also hoping to capitalize on the increased demand for rentals as buying a home becomes less affordable. By extension, the value of office space is declining — making conversion projects more profitable when financing can be secured. The program includes zoning reforms designed to make the conversion projects easier and funding from the federal American Rescue Plan, the Pittsburgh Post-Gazette reported.
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