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Office Conversions to Fix the Housing Problem? The Fed Says It Probably Won't

While building conversions might help, the office market is too unsettled to become a significant source of new housing.

In any discussion of housing shortages in a CRE context, there’s often the question of whether conversions could work? Look at all that office stock waiting for someone to show back up to work. How about we convert buildings, turn them into apartments, rent them out, and help alleviate two problems at once: a housing need and the desire to make old office stock pay off?

Chris Cunningham, a research economist at the Federal Reserve Bank of Atlanta, and Anthony Orlando, an assistant professor at CalPoly Pomona, recently wrote an analysis for the bank of whether office conversions could meet housing demand.

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Erik Sherman

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