Why Don’t We Convert More Empty Office Buildings to Residential?

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How come there’s a housing shortage and high vacancies in commercial property at the same time? Why aren’t we converting more office buildings into residential buildings? Can we solve the housing crisis or are we stuck in a real estate doom cycle? Betty looks to answer these questions in this episode.

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Video editing by Ignacio from Unraveled: @Unraveled
Animation by Lindsay from EdYouToo: @EdYouToo
Thank you to Gensler for assistance with research: @Gensler_Design

Sources & Further Reading:
https://www.us.jll.com/en/trends-and-insights/research/office-market-statistics-trends
https://www.gensler.com/blog/office-to-residential-conversions-in-boston
https://www.axios.com/local/boston/2023/05/08/boston-downtown-recovery-pandemic
https://www.nytimes.com/interactive/2023/03/11/upshot/office-conversions.html
https://www.spur.org/publications/research/2023-10-05/workspace-homebase
https://www.gensler.com/blog/what-we-learned-assessing-office-to-residential-conversions
https://www.nbcnews.com/business/real-estate/why-empty-offices-aren-t-being-turned-housing-despite-lengthy-n1274810
https://www.gensler.com/blog/stranded-assets-building-transformation-trends
https://www.gensler.com/blog/office-to-residential-conversions-revitalize-san-francisco
https://www.calgary.ca/development/downtown-incentive.html
https://www.gensler.com/blog/reimagining-the-future-of-downtown-san-francisco
https://www.gensler.com/blog/the-benefits-of-converting-class-c-office-into-first-class
https://www-businessinsider-com.cdn.ampproject.org/c/s/www.businessinsider.com/convert-vacant-offices-to-apartments-gensler-steven-paynter-2023-1?amp
https://www.politico.com/interactives/2023/50-mayors-us-cities/housing/
https://www.reuters.com/world/americas/canada-govt-pressured-over-housing-shortage-tells-cities-do-more-2023-09-13/
https://www.theglobeandmail.com/canada/alberta/article-the-void-in-calgary-how-office-towers-emptied-in-a-once-bustling/
https://www.bloomberg.com/news/articles/2019-08-06/how-to-understand-municipal-zoning-codes
https://www.boston.gov/news/mayor-wu-announces-residential-conversion-program-downtown-offices
https://www.buildinggreen.com/feature/saying-goodbye-office-and-hello-housing

Thumbnail graphic assets via Freepik:
https://www.freepik.com/free-vector/hand-drawn-arrow-set_4664869.htm
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https://www.freepik.com/free-vector/city-buildings-icon-set_6438411.htm