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White House opens $45 billion in federal funds to developers to convert offices to homes
(www.marketwatch.com)
this post was submitted on 27 Oct 2023
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It's even possible to do without those incentives. Or at least it was before interest rates spiked.
I know of 2 buildings in my city that were converted in the 2016-2019 timeframe.
Both had to have the interiors gutted and new interior walls built, new plumbing on the floors added, new curtain wall glass, upgraded elevators, new HVAC and upgraded electrical.
It was a multi-year project (so no revenue and plenty of expense for a couple of years), but both have full residential occupancy now, where in the several previous years they were around 50% office occupancy.
.
That said, given current borrowing costs, going without revenue for a couple of years during construction is not going to appeal to many owners unless there is some other incentives.
Just like with high rise construction, you start at the bottom and get those occupied while you work your way up.
A very specific set of stars need to align for this to be in the owner's financial interest without additional financial incentives, but it does occur sometimes.