On Tuesday, The Epoch Times reported that a record number of office spaces in American cities are being renovated and turned into housing units. This is a great way to help with the housing shortage, but I am not sure what will happen if companies ask their employees to begin actually coming into the office to work.

The article reports:

While the U.S. housing market is still falling short by 4–5 million properties, the office-to-apartment conversion industry is making a little headway to help alleviate the problem. This year alone, a record-breaking 70,700 apartments are expected to be created from vacant office space nationwide.

Not surprisingly, the New York metropolitan area leads the nation in office-to-apartment conversions in the pipeline for 2025, with 8,310 units planned. Washington, D.C., which held the top spot last year, has 6,533 conversions planned, and Los Angeles has 4,388 units. Chicago and Dallas round out the top five, with 3,606 and 2,725, respectively.

Since the pandemic, a significant share of the nation’s office space remains empty, as workplaces shifted to remote options. According to Yardi Matrix, a real estate data-acquisition firm associated with RentCafe, the national office vacancy rate soared to almost 20 percent by the end of December 2024.

The article notes:

The RentCafe report indicates the bulk of today’s commercial conversions (42 percent) are office buildings, followed by hotels (22 percent), factories (11 percent), and warehouses (6 percent).

The article concludes:

“A lot of younger people fresh out of college are leaving home for the first time and have a different mindset,” he said. “They like a lot of modern amenities like smart homes, gyms, pools, community rooms, rooftop decks, and social engagement. Plus, they value proximity to transportation and convenience retail.”

As for affordable rental options, the report indicates most of the planned conversion developments will be offering a percentage of affordable units for those who qualify financially. “There is also a large amount of supply coming, so developers have to be competitive to be able to retain renters,” he said.

If you are younger and don’t plan on marrying or having children for a while, living in a former business building or hotel converted to private residences would be a great experience. There is no lawn to take care of, and the amenities could be very nice.