Nearly 40 office properties in the Valley were identified as the top candidates for conversion to apartments by researchers at Columbia University and New York University.
Office conversions have been raised as a potential solution for the void left in office space across the country following the COVID-19 pandemic as employers have shifted to remote or hybrid work and significantly downsized their footprints.
These conversions could improve property values and also address affordability and greenhouse gas emissions of aging buildings, according to the report for the National Bureau of Economic Research authored by Stijn Van Nieuwerburgh, Arpit Gupta and Candy Martinez.
The team analyzed office space across 20 major U.S. metros and narrowed the selection of buildings to ones developed prior to 1990 and that are larger than 25,000 square feet with floor plates smaller than 60 feet, measuring the distance from the window to the core of the building.
