Office-to-residential conversions have surged 357% since 2021 as billions in commercial mortgages come due

Wed, 02/07/2024 - 09:01

New York City skyline — The number of offices being converted into residential properties has skyrocketed since 2021.
CHARLY TRIBALLEAU/AFP via Getty Images

Office-to-residential conversions are up 357% since 2021, according to a report from ResiClub
There's $150 billion in office mortgages set to come due in 2024.
Conversions are gaining momentum amid a "wave of expired leases," ResiClub's cofounder told BI.

The pandemic made "work-from-home" a seemingly permanent part of our lives, but the ailing commercial real estate sector is trying to give new meaning to "live-at-work" as an increasing number of offices are converted into homes.