From work to home: Exploring the rise of office to residential conversions in the Washington, DC Metro

Office to residential conversions are the talk of all owners of obsolete office buildings in the DMV. There is roughly 13mm square feet of space that is either in the process of being converted to residential use or has been proposed for conversion to residential use. Despite this, the impact on vacancy is negligible, roughly 2.5% in DC (assuming current tenants of converted buildings remain in the same footprint), but the office-intensive submarkets could use the additional vibrancy that conversions bring.