We continue to hear about a commercial office recovery. Yes, it is true, but that could be misleading. While reports suggest improvement, much of the office market remains distressed, with properties selling at steep discounts—due to the lasting impact of remote work. High-end office spaces are doing good, but the real transformation is happening elsewhere: office-to-residential conversions.

A Surge in Conversions – Despite high interest rates, developers are moving forward with office-to-residential projects at an unprecedented pace. Manhattan leads the way, with a significant number ...