In 2025, the New York metropolitan area outpaces all U.S. cities in converting vacant office buildings into apartments, with 8,310 units planned. This represents a 59% increase from the previous year, exceeding Washington, D.C.'s plans. The vast 730 million square feet of office space in New York City, including significant portions in Manhattan, enables substantial conversion opportunities. The city incentivizes such projects through tax exemptions for buildings that include affordable housing, addressing the pressing demand for residential units amid a competitive market.
The New York metropolitan area leads the nation in converting office spaces to apartments, with 8,310 units planned for 2025, highlighting a 59% increase from 2024.
Converting office spaces into residential units is a strategic response to the housing demand in New York City, especially in light of the 730 million square feet of available office space.
Incentives such as tax exemptions of up to 90% for projects that include affordable housing are encouraging developers to pursue these office-to-apartment conversions.
The transformation of former commercial spaces, like Pfizer's headquarters, into residential units represents a significant shift in addressing the housing shortage in New York.
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