A recent joint report from the NMHC & Urban Land Institute examines the feasibility and potential of repurposing unused and underutilized commercial real estate (offices, hotels, retail, etc.) into viable housing that could help with the nation’s housing crisis.
The report seeks to seeks to answer:
- Is it feasible at all?
- For what types of structures?
- And to what extent?
“Conversions of commercial real estate to residential units have become a mainstream development option, and perhaps even a specialized niche sector. A growing number of local, regional, and national developers are honing the skills required to undertake the complexities of changing a structure’s use to residential, and institutional and private capital is finding investment opportunities in this area.”