A recent working paper from the National Bureau of Economic Research reveals that approximately 11% of office buildings in the United States have the potential to be converted into apartments. This trend is gaining traction as cities across the nation face housing shortages.
Seattle, Tacoma, and Bellevue are home to numerous aging office buildings that could potentially be transformed into thousands of new apartments, offering a solution to the current housing shortage. The Puget Sound Business Journal reports that researchers have identified 91 properties in these areas that would make ideal candidates for conversion. Notable downtown Seattle landmarks such as Westin Building and Smith Tower are among this list, which collectively offers nearly six million square feet of space.
The article “Seattle-Area Buildings Prime for Office-to-Housing Conversion” was originally published by Connect CRE.
