A billion square feet of new housing space to emerge in cities as America’s office market faces a major crisis

America's office market is facing a significant transformation due to rising debt and a shift to remote work, leading to high vacancy rates, particularly in older Class B buildings. Experts predict a wave of fire sales and conversions to residential housing, with a 357% increase in office-to-apartment conversions in 2024 compared to 2021. Major cities like New York, Washington DC, and Los Angeles are at the forefront of this trend, which could reshape urban landscapes and address the housing shortage amid declining demand for office space.