Converting older office buildings into new apartments may not be a new idea, but it’s one that is starting to spread, according to an article in the Wall Street Journal. The trend has being going on for years in New York City, but has just recently started appearing in other American cities. Most of the buildings being converted are located in downtown areas, where many existing apartments feature months-long waiting lists. The buildings being converted also tend to be older ones that are unable to compete with the newer office towers.
The converted apartments also tend to be more profitable than office buildings, with lower vacancy rates for apartments, and with some buildings charging more per square foot for the residential units than they had been for office spaces.
Read the full article here: https://online.wsj.com/news/articles/SB10001424052702303626804579506073419741570
