According to a report by PropertyShark, New York City boasts 85 million square feet of office space, primarily located in Manhattan. This top-tier group consists of 754 buildings and accounts for 31% of the city’s total office stock, but only holds 15% of its overall office space.
The report also found that an additional 34% of NYC’s office space has potential for residential conversion; however, there are limitations due to design and structural restrictions. The remaining 51%, according to the report from PropertyShark on NYC’s feasibility for converting offices into residences, is significantly more challenging and costly to reconfigure.
Out of ten neighborhoods with high-rated spaces suitable for conversion from offices to residential units identified in the report, nine are located in Manhattan. These areas will see a combined $4 billion worth of maturing loans over the next three years across their top convertible buildings. In particular, $952 million worth will mature in these neighborhoods alone by the year2025.
