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Questions and Answers
What is the current amount of empty office space in Manhattan?
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What is the main challenge in converting office buildings into apartments?
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Why are some big cities looking at incentives for developers?
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What percentage of the New York stock was seen as convertible for building conversions?
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What is the main factor that can change the financial outlook of a project in Manhattan?
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What led to the tripled residential population and the creation of tens of thousands of new units in lower Manhattan?
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What is the main issue in New York according to the text?
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What did a ten year tax abatement policy bring to downtown Philadelphia?
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What do critics of certain policies believe them to be?
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What does the video suggest about the housing market in expensive major cities?
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What is the projected number of new apartment units needed in New York by 2030?
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What is the projected number of units of housing that could be created over the next ten years?
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What is the main reason for needing to enable the opportunity for creating new housing?
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What is the main complexity mentioned in relation to factors affecting housing construction?
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What is the main concern expressed regarding the scale of the housing problem?
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What is the main issue that needs to be fixed according to the video?
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What is one of the challenges of converting office buildings into apartments?
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What is the approximate monthly rent for single bedrooms at the Poplar Building in Philadelphia?
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Which city has experimented with office conversions in the past, having millions of square feet of unused office space ready to be converted into housing?
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What is the potential housing need that office conversions could address in hot markets like Denver or San Francisco?
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What is the most important prerequisite for office conversion, according to the text?
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What is the current office vacancy rate in New York City, according to the text?
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What is a factor affecting government finances, according to the text?
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What is a characteristic of older buildings that makes them better for conversions, according to the text?
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What is the occupancy rate of the Post Brothers' portfolio of buildings in the mid-Atlantic?
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What financial concern do transit authorities like MTA in New York have, according to the text?
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What is the typical status of U.S. offices that makes them not suitable for conversion, according to the text?
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What is the main concern highlighted for city mayors, according to the text?
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Study Notes
The Trend of Converting Offices into Apartments
- The office conversion trend is heating up in a small group of cities, led by Washington, D.C. and Philadelphia.
- The Poplar Building in Philadelphia, built approximately 100 years ago as offices and manufacturing space, is one such conversion conducted by the Post Brothers.
- Converting office buildings into apartments involves challenges such as access to light and air, complex remassing techniques, and the need for additional plumbing lines.
- Converted apartments tend to be pricey, with single bedrooms at the Poplar renting for $2,000 a month and units at The Atlantic renting for $3,000 to $6,000 a month.
- In a hot market like Denver or San Francisco, conversions could potentially address about 10% of the housing need.
- Office vacancy rates are currently high, with New York City's hovering around 12-13%, leading to stress for investors and affecting government finances.
- The actual vacancy or occupancy status is the single most important prerequisite for conversion, more so than the physical layout or systems of the building.
- Older buildings tend to make for better conversions, but the typical U.S. office is newer, bigger, and not vacant enough to be converted yet.
- New York City has experimented with office conversions in the past, with millions of square feet of unused office space ready to be converted into housing.
- The Transit Authorities like MTA in New York rely on property taxes generated by office spaces, making office vacancies an important financial concern for the city.
- The Post Brothers' portfolio includes 12 buildings in the mid-Atlantic with plans for expansion, and they are generally 96% occupied at all places.
- The challenges of office conversions and the high office vacancy rates present massive problems for city mayors, highlighting the need to address the issue.
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https://www.youtube.com/watch?v=2BOdJadZflw
"Office to Apartment Conversions: A Growing Trend" Quiz Test your knowledge on the rising trend of converting office spaces into apartments in cities like Washington, D.C. and Philadelphia. Learn about the challenges, pricing, and potential impact of this conversion trend on housing needs and city finances.
