A recent study conducted by researchers from Columbia University and New York University has identified over 550 office buildings in New York City that have the potential to be converted into profitable apartment units. This amounts to more than 64 million square feet of office space, as reported by the New York Business Journal.
The analysis took into account various factors such as building size, floor plans, and plumbing infrastructure. The findings revealed that only six out of twenty major metropolitan areas evaluated – including New York, San Francisco, Washington D.C., Denver, Boston and San Jose – are currently profitable for office-to-apartment conversions.
In order to make conversions financially viable in other regions, federal or local subsidies may be necessary. Converting offices into apartments is being considered as a possible solution for addressing housing shortages in cities like New York.
