Developers are increasingly transforming struggling office space into multifamily developments. And usually, developers target offices with old bones for this process.
Think vintage office towers, historic masonry facades and obsolete floor plans from the 1920s and 1930s. Developers view these buildings as natural fits for multifamily conversions because of the history behind the properties and the often stunning architecture that they boast.
That doesn’t mean, though, that only vintage office buildings are good targets for multifamily conversion. In fact, the next wave of these conversions might focus on office buildings built in more modern times. Think the more utilitarian but still functional office towers of the ‘80s and ‘90s…