With housing in short supply, developers are converting more empty offices into apartments.
But not all buildings are candidates for reuse, even as more than 1 billion square feet of office space sits vacant across the U.S. Photo Illustration: Amber BragdonCities hoping to convert emptying office buildings into apartments are running into financing issues, stagnating rental markets and other challenges that are bottling up their efforts.
Developers last year created just 3,575 apartment units in the U.S. through office conversions, according to an analysis by rental listing site RentCafe.
That amounts to less than 1% of all apartments built that year through new construction.
Persons:
Bragdon
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U.S