Obsolete Office Properties Are Being Successfully Converted into Multihousing

As the national office market evolves, a trend proliferating in cities nationwide has been the conversion of office buildings to multihousing use. In a recent study, Newmark Knight Frank found that approximately 8% of the current U.S. office inventory is obsolete. With so much older, less-amenitized office product not meeting the needs of today’s tenants, property owners have found converting an undesired office building to another use can be a profitable course of action.

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