A new working paper from the National Bureau of Economic Research has concluded that six of the 20 largest US metro markets are conducive to financially feasible office-to-residential conversions.
According to the calculations in the paper, the metros in NYC, San Francisco, Washington DC, Boston, Denver and San Jose offer the best opportunities for office conversions with a positive outcome, financially.
The NBER paper was written by Arpit Gupta of NYU's Stern School of Business and Stijn Van Nieuwerburgh and Candy Martinez of Columbia University's Graduate School of Business.
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