New York City is having an office-to-housing conversion boom. Could Chicago be next?

Chicago has a higher downtown office vacancy rate than the Big Apple. Housing advocates say those buildings could help address the affordable housing shortage.

Office Conversions Surge Amid Rising Vacancy Rates

Key Takeaways: The national office vacancy rate was 19.4% in May, up 160 basis points year-over-year, with occupancy unlikely to rise in near future The average U.S. office listing rate was $33.15 per square foot in May, increasing 4.8% year-over-year Office construction pipeline continued to shrink, with 41.5 million square feet of office space currently under construction Los Angeles […] <p>The post Office Conversions Surge Amid Rising Vacancy Rates first appeared on CCR-Mag.com.</p>

Office real estate is now a tale of three markets, Cushman & Wakefield says

The office vacancy rate will peak at 21.6% in late 2025, but performance between the best and worst buildings varies greatly, according to the firm’s mid-year macro outlook for commercial real estate.

Office vacancy rate hits 30-year high

Unleased office rates reached 17.8% in Q1, as hybrid work and recession fears weighed on demand, according to CBRE.

The Economist - How are offices changing, 28072022

The pandemic and hybrid working have changed the very idea of the office. This is not only changing the design and purpose of offices, but the look of cities too.