"Cities need to focus on making conversions feasible by removing unnecessary regulatory barriers," said Alex Horowitz, project director of the Housing Policy Initiative at The Pew Charitable Trusts.
"The U.S. is short millions of homes, and office vacancy rates are at record highs. It makes all the sense in the world to convert underused commercial space into housing, but the cost per square foot is just too high."
Purchasing and converting an office building for residential use costs an average of $685 per square foot. Buying a completed multifamily property costs an average of $600 per square foot, while building a new multifamily development costs about $588 per square foot.
Cities are trying a variety of ways to overcome obstacles. From coast to coast, Minneapolis, San Francisco, and Seattle have made regulatory changes to promote office-to-residential conversions.
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