Skyscrapers loom over downtown Manhattan on March 31, 2022 in New York City.
The pandemic led to a rise in work-from-home, which has crushed demand for office space.
  • The US housing market faces an inventory shortage, but empty offices don't offer a solution. 
  • Goldman Sachs strategists say that offices can't be cheaply or easily converted into residential units. 
  • The bank expects office vacancy to rise from 13.5% this year to 18% in the next decade.

A cocktail of headwinds has kept housing unaffordable for many Americans, but the increasing number of empty offices is unlikely to bring any meaningful relief to the supply-starved market.