AT GROUND LEVEL
are differing motivations, goals and thus policy levers that it makes sense to pull on,” said Tracy Hadden-Loh, Fellow at The Brookings Institution.
Office to residential conversions feel like a way to solve two problems with one solution.
The report finds that office-to-residential conversions present a strategic opportunity to tackle three pressing urban issues:
• Unmet housing demand: Cities like Los Angeles face a critical shortage of housing, particularly for lower-income households.
• Office market distress: Many downtowns, such as Pittsburgh’ s, are struggling to repurpose aging office stock as tenant needs evolve, putting pressure on local tax revenues.
• Downtown vibrancy: Many cities are seeing weekly visits at less than 50 % of prepandemic levels, resulting in small businesses struggling and downtowns feeling empty.
While some cities have seen organic conversion activity in high-demand housing markets, the report emphasises that in many cases, local policy and financial incentives are essential to making projects viable.
“ Too often, conversations about office-toresidential conversions overlook the real data needed to drive informed, effective decisions”, said Steven Paynter, Principal at Gensler.“ This study is different. We conducted in-depth research on both the physical realities of downtown buildings and the financial feasibility of conversions. Our approach is grounded in facts – real data, real buildings and real economic conditions – so that cities can craft policies that actually work in the real world.”
“ Our research on downtown areas across the country shows that the most successful urban cores serve multiple purposes and attract diverse groups of people throughout the day and week,” said Jon Meyers, Partner, HR & A Advisors.“ Converting empty office space for new uses presents a strong opportunity to help
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