NYC zoning changes, high vacancy rates drive office conversion activity
Changes in zoning policy are helping to boost office-to-residential conversion activity in New York City, with annual conversions growing from 1.6 million square feet in 2023 to 3.3 million in 2024. Through August 2025, 4.1 million square feet of conversions have started, surpassing all of 2024, according to a Cushman & Wakefield report. This shift…