According to a report by RentCafe, the New York City metro area has surpassed Washington, DC as the leader in planned office-to-residential conversions in the United States. Currently, there are 8,310 office units set to be converted into apartments in NYC alone – more than 10% of the national total.
RentCafe also noted that NYC boasts North America’s largest office market with nearly 730 million square feet of space. Manhattan accounts for over 80% of this total.
Furthermore, out of all available office space in the metro area (305.4 million square feet), almost half (46%) holds potential for future conversions. One notable project mentioned is Pfizer’s former global headquarters at 219 E.42nd St., which is expected to deliver over five hundred rental units.
Overall, it is clear that NYC continues to lead and innovate when it comes to repurposing commercial spaces into residential ones – solidifying its position as a frontrunner in real estate development and adaptation.
