Office to Resi Conversions Are Increasing

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The office market is obviously feeling the pain of higher rates and a down market too. Austin has boasted one of the strongest return to office trends in the country. Office to resi conversions have produced 25,000 new units over the past two years. The data tells us that despite those obstacles, these conversions are happening.

Industry experts agree: Converting unused office towers to residential buildings is great in theory, but a moonshot to pull off. Despite the grab bag of obstacles that make these projects so difficult, the developer and office landlord Hines is getting in on the action. The Real Deal breaks down how Hines' Salt Lake City project pencils out and what it signals about the right building for the job.

Guests: Steven Paynter, studio director at Gensler's Toronto office; Dusty Harris, senior managing director of Hines' Utah and Oregon investment activity.