2024 Spring Issue of Urban Land - 34

OUTLOOK FOR
Office-to-Residential
Conversions
RON NYREN
What opportunities are there for revamping office
buildings as multifamily residences?
ExpErts spEak about the near-term prospects
for converting office buildings into multifamily
housing, best practices for evaluating
conversion potential, innovative ways the
public sector can support these projects, and
other related trends.
What are the near-term prospects
for converting office buildings into
multifamily housing?
MARY LUDGIN: A recent analysis by CoStar
and CBRE found there were around 100
office conversion projects underway in major
U.S. cities in 2023, up from an average of 40
annually from 2016 to 2022. About half are
office-to-residential conversions, with another
20 percent [of conversions] being office to
life sciences. These trends [are likely to] continue.
Conversions alone won't fully address
our cities' needs, of course. When I was in
Dallas for the ULI Fall Meeting, I could see a
number of converted office buildings from
my hotel window, yet the downtown office
vacancy rate remains very high. But conversions
can help. New York's 421-g tax incentive
in the 1990s stimulated 90-plus buildings
and more than 12,000 new residential units
through adaptive reuse, and brought new
residents and life to the streets. [Although]
not a silver bullet, strategic conversions of
obsolete offices can be part of refreshing our
urban cores.
CONTRIBUTING THEIR INSIGHTS:
Karin Liljegren
founder and principal,
Omgivning, Los Angeles;
member, Redevelopment
and Reuse Council
Mary Ludgin
Chris Robbins
senior adviser and Global
Investment Committee
member, Heitman, Chicago;
member, Urban Development
Mixed-Use Council (Silver
Flight)
cofounder and managing
principal, GreenRock Capital,
San Francisco; member,
Redevelopment and Reuse
Council
Geeti Silwal
principal, urban design,
Perkins & Will, San Francisco;
ULI San Francisco Executive
Board leader; member,
ULI San Francisco P3 Local
Product Council; member,
Public Development and
Infrastructure Product Council
34
URBAN LAND SPRING 202 4

2024 Spring Issue of Urban Land

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2024 Spring Issue of Urban Land - Cover3
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