Is Office Conversion the Answer to the Housing Shortage?

With nine core Asia Pacific cities forecasting office vacancy rates peaking in late 2022 at 14% and office space reduction predicted to be up to as much as 50%, developers are looking to convert the spaces into more profitable asset categories. The practice of office-to-residential conversion is well-established in the US, it is a growing trend in Europe and Australia. However, the significant differences between space designs prove to create many logistical issues and costs for developers. If investors are willing to overcome these headwinds, the strategy is viewed as an incredibly important way to retain value