Cities are responding to high office vacancy rates by encouraging the conversion of unused office spaces into housing through various regulatory and financial incentives.
"Cities need to focus on making conversions feasible by removing unnecessary regulatory barriers," said Alex Horowitz, highlighting the importance of addressing outdated codes and requirements.
Minneapolis has removed public hearing requirements and reduced traffic study needs to support the conversion of office spaces, indicating a trend among major U.S. cities.
The cost to convert an office building to residential use is typically over $685 per square foot, making affordability a significant issue that cities must address.
#office-space-vacancy #housing-shortage #urban-development #regulatory-barriers #conversion-incentives
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