Three experts tell Insider office prices need to fall before conversions are commonplace.
But for these plans to be successful, the world of real estate must address the elephant in the room: Office buildings are simply too expensive.
Moody's laid out some basic math: In 2021, the average New York apartment building traded at $434 a square foot.
Now in the US, he's up to the same business but not yet with the vacant office buildings that dot the downtowns of large metropolises.
Among them is an older, 130,000-square-foot St. Louis office building, which represents some of the city's most outdated stock, Rubin told Insider.