A recent working paper published by the National Bureau of Economic Research reveals that approximately 11% of office buildings in the United States are suitable for conversion into apartments. This trend has gained traction as cities across the nation face housing shortages.
Numerous aging office buildings in Seattle, Tacoma, and Bellevue present promising opportunities for conversion into thousands of new apartments, potentially alleviating housing shortages caused by unused offices. According to a report from Puget Sound Business Journal , researchers have identified 91 prime candidates for this type of conversion in the Seattle metro area alone. Notable properties on this list include downtown Seattle landmarks such as Westin Building and Smith Tower, with a combined total space exceeding six million square feet.
This article was originally published on Connect CRE .
