Real-estate developers in Manhattan and Los Angeles are repurposing office spaces into apartments due to high vacancy rates in both cities. In New York, 22% of office space remains unrented, prompting a shift towards residential housing. Former NYC developer Bruce Ratner emphasizes the decline of commercial real estate, suggesting a transition to residential properties. Downtown LA witnesses a similar trend, with office spaces empty while apartment buildings thrive, reflecting the changing dynamics of work environments and the rise of remote work.
“Downtown Los Angeles is kind of the only game in town, right?” When it comes to high-end urban living DTLA is booming despite the doom loop vibe. Offices? Don't ask https://t.co/ZYVhiQB8xL
With the rise of remote work and the ability to put rote tasks on autopilot, it’s becoming less unnecessary for workers to be present in the office—a phenomenon leaving a significant amount of office space and other #commercialrealestate empty. https://t.co/M3Pq5V1use
Great @rogervincent story on downtown LA, where as office space languishes vacant, apartment buildings are thriving https://t.co/5kuuaKgkAj
A tale of two downtowns in L.A.: As offices languish, apartments thrive https://t.co/rgUBeXk7Fk
A tale of two downtowns in L.A.: As offices languish, apartments thrive. https://t.co/N6smOOi2rm
Fmr. NYC Real Estate Developer Bruce Ratner Says Commercial Real Estate is ‘Finished’, Buildings May Be Turned Into Residential Housing “When you have vacancy rates in this city of 25% and occupancy rates of almost 50% or less than 50%, it can't recover, and that's because our… https://t.co/iFK3l153aM
For the past three years, about 22 per cent of office space in New York has gone unrented. A real-estate developer who specializes in transforming office spaces into apartments has helped show desperate office-tower owners a way out. https://t.co/r5AhJ2J5tw
A real-estate developer in Manhattan specializes in taking existing structures and converting them into apartments, a useful trick in a city that’s always starved for housing—and newly wary of the five-day-a-week office routine. https://t.co/sR1D55V9kw