While expected to ease the housing shortage, this trend has mostly produced luxury units in one region, according to the latest CommercialEdge report.
The pandemic acted as a catalyst for different real estate trends, one of them being office-to-multifamily conversions. Experts believed this adaptive reuse movement to be a viable solution for decreasing office demand and housing shortages. More than two years later, these types of conversions proved to be difficult thanks to logistical challenges and other factors, resulting in high-end apartments condensed on the East Coast where developable land is scarce, the latest CommercialEdge office report shows...
RSK: The costs of conversion are much higher than expected which is probably why they are appealing to higher income people in downtown areas, pricing others out of the market.
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- - Volume: 10 - WEEK: 32 Date: 8/2/2022 10:10:31 AM -