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How Empty Offices Become Apartments In The U.S.

Some U.S. mayors are loosening up rules that determine how developers convert office buildings into apartment complexes. The conversion trend sped up in the 2020s, as the pandemic remote work boom reshaped cities. Declines in office activity are straining tax revenues for city services like education and transit, leading some local leaders to prioritize increased conversion of dated buildings. These rule changes may create some additional housing supply in regions like the U.S. east coast. Chapters: 00:00 — Introduction 01:45 — Conversions 03:34 — Prices 05:01 — Vacancies 07:00 — Policies Producer, Editor, and Aerial Photographer: Carlos Waters Additional Camera by: Andrea Miller Animation: Christina Locopo, Andrea Schmitz Supervising Producer: Lindsey Jacobson Additional Sources: Census Bureau, Jones Lang LaSalle, Kastle Systems Additional Footage: Athenaeum of Philadelphia, Columbus Metropolitan Club, Getty Images, NBC4 Washington, Office of New York City Mayor Eric Adams » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC How Empty Offices Become Apartments In The U.S.