Webcast overview
In the aftermath of the pandemic and with variations on corporate return-to-work policies, many office assets have experienced lower utilization and vacancy levels across multiple US markets. Strategies to address this underperformance are varied, spanning conversions in use, disposition, and/or recapitalization events.
Adaptive repurposing of vacant and underutilized office buildings represents a commercial strategy that developers, investors, and owners may pursue to activate private sector benefits while increasing housing supply and other in-demand uses. The feasibility of conversions must be weighed against multiple factors, including alternative approaches to addressing underperformance.
With the October 2023 announcement of new actions under the White House Housing Supply Action Plan to support the conversion of high-vacancy commercial buildings to residential uses, there are opportunities to access new financing mechanisms and surplus supply to support conversions under certain conditions.
Join KPMG LLP (KPMG) for a discussion on key considerations in navigating the challenges and opportunities associated with this uptick in conversion activity as compared to other strategies. We will also be joined by design firm, Perkins&Will, for perspectives on property-level considerations that drive conversion feasibility.
