Odd Lots

A New York Property Developer Explains Why Converting Offices to Apartments Is So Complex

An office building at 830 Third Avenue in New York, US, on Sunday April 30, 2023. 

Photographer: Amir Hamja/Bloomberg
Lock
This article is for subscribers only.

There’s a paradox facing major cities in the US: office buildings are sitting empty while housing is in short-supply.

The obvious answer to this property puzzle— simply converting large offices into more apartments — is more difficult than it seems. While conversions are possible, real estate developers face a host of physical, regulatory and financial constraints that may slow them down.