A recent working paper from the National Bureau of Economic Research, authored by researchers at New York University and Columbia University, has found that approximately 11% of office buildings in the United States are suitable for conversion into apartments. This trend is becoming increasingly popular as cities across the nation face housing shortages.
Seattle, Tacoma, and Bellevue have a number of aging office buildings that could potentially be converted into thousands of new apartments. This presents a potential solution to the housing shortage as these empty offices remain unused.
According to an article in Puget Sound Business Journal , researchers have identified 91 office properties in Seattle’s metro area that would make ideal candidates for conversion. These include well-known downtown Seattle landmarks such as Westin Building and Smith Tower. In total, these properties offer nearly six million square feet of space ripe for transformation.
The article “Seattle-Area Buildings Prime for Office-to-Housing Conversion” was originally published on Connect CRE .
