Commercial real estate may have been hit hard this past year due to spikes in remote working and the emergence of “post-COVID ghost towns.” However, has the opportunity for converting empty offices and hotels turned into a feeding ground for developers? Must the solution always result in some form of housing option? In a recent New York Times article C.J. Hughes reports on the possible future for offices and hotels that have been empty for a year due to the COVID-19 pandemic. While he opens with the notion of plans for transforming these “eerily empty commercial structures and converting them to housing of some kind and perhaps other uses,” who actually benefits from these conversions?
Beyond renovation costs and safety requirements, Hughes provides more details on the growing opportunities within New York commercial real estate.