Two cities in the Pacific Northwest have been ranked among the top ten out of 30 major U.S. cities for their potential for office conversions.
According to a report by Commercial Cafe, Seattle placed ninth on the list and boasts nearly 4 million square feet of Tier I office space and 18 million square feet of Tier II space. Combined, these make up approximately 26% of all rentable office stock in the city.
Portland, Oregon also made it onto the list at number ten with a more modest amount of Tier I office space at 2.8 million square feet. However, when combined with its nearly11 million square feet in Tier II space, over 30%of Portland’s rentable office stock is considered highly suitable for residential conversion projects.
The data used to determine these rankings was collected by CommercialEdge’s Conversion Feasibility Index (CFI), which takes into account various factors such as building characteristics, location advantages,and environmental considerations when assessing how much potential an area has for converting offices into residential spaces.
Overall,this report highlights Seattle and Portland as two promising locations for developers looking to convert existing commercial properties into new housing options.
