Office Optimization

Despite substantial talk of office space to residential apartment conversions, in 2022 developers created just 3,575 apartment units that way, less than 1% of all new apartments built. In 2021, the number of such conversions was about 4,300. In 2020, the number peaked at roughly 6,600. For the five years ending 2019, the number of such conversions averaged about 4,500. This process can help but is clearly no silver bullet.