“There’s actually a running joke with developers that you do one conversion and then you realize your mistake and you don’t do another one because it’s so complicated,” said Nihar Shah, partner at Perseus TDC, the Mid-Atlantic regional office of Transwestern Development Co., based in Washington, D.C.Īnd there are relatively few “big players,” adds Shah. ![]() The idea of office-to-housing conversion isn’t new, but in the past few years, the affordable housing crisis coupled with major societal shifts stemming from the COVID-19 pandemic that has left idle millions of square feet of office space has kept the conversion concept alive.Įmpty office space plus need for housing equals no brainer, right? Not so fast, as anyone in the building industry might attest.
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