Since remote work imposed by the coronavirus pandemic, the reality of New York and other large cities has changed, leaving many offices and even entire high-rise buildings unused, while the need for housing has not stopped growing.
The situation has generated great changes and challenges in the economy and the urban landscape in a metropolis like New York, full of skyscrapers and corporate spaces, around which businesses were also established to meet the basic demands of workers, such as restaurants, bars, banking agencies, hotels, stationery stores, stores and beauty and nail salons.
At the moment 55,339 workshops are becoming in apartments nationwide which are expected to enter the market in the coming years. That figure has quadrupled compared to 2021highlighted RentCafe, a national real estate portal.
Two cities lead this phenomenon in the US: Washington DC and New York with 5,820 and 5,215 conversions, respectively. In a distant 3rd place is Dallas with 3,163; followed by Chicago (2,822) and Los Angeles (2,442). All of these numbers reflect the growing trend of reusing office spaces into residential units.
New York numbers represent an 18% increase compared to last year and shoot to first place in the entire US when talking about the future, with 11,485 apartments planned from offices.
In the Financial District, the tower 25 Water Street -formerly known as 4 New York Plaza- erected in 1969 is one of the largest office conversion projects ever undertaken in the country and will transform into 1,263 apartments. The building previously served as the newspaper’s headquarters. Daily News and JP Morgan, among many other companies.
In the tri-state area Manhattan leads with 2,609 office-to-apartment conversions followed by the north of New Jersey (742), White Plains (708), Central New Jersey (616) and Brooklyn con 540 new units.
Business travel has also fallen with remote work. Thus, in addition to the offices, 2,138 apartments are on the way to being converted from reused hotels and 1,502 from disused hotels. Also approximately 1,000 apartments would come from factories, 880 from former warehouses and 445 from schools throughout the country.
Assuming that this reality of working outside the home will not change in the medium term, the NYC mayor’s office and the governor’s office have spoken since 2021 of convert some empty office spaces into housingthrough a plan called “Making New York Work for Everyone”.
Also with the migratory avalanche which began in the spring of 2022, many hotels have been established as shelters in NYC and other cities in the country, although in those cases the buildings have not undergone major physical renovations.
In NYC, more than 100 hotels have been converted into emergency shelters, at an estimated cost exceeding $1 billion. and the population in shelters rose 53% in the last fiscal year, increasing the need for affordable housing in the medium term.
The full report including interactive graphics and street views of some adaptive reuse projects in the US is available at RentCafe.
2024-02-10 14:32:00
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