Conversions Are Harder Than the Headlines

Office-to-residential conversion is the policy world's favorite solution to two problems at once. The reality is that the overwhelming majority of office buildings are terrible candidates.

Floor Plates and Risers Decide

Deep floor plates leave windowless interiors; central plumbing cores fight residential layouts. Add a curtain wall that will not open and the conversion cost exceeds new construction. Most towers fail these screens before the math even starts.

The conversions that work are usually older, narrower buildings — or deals with a basis reset to land value or a subsidy. Everything in between is a press release.