More than 1B square feet of US office space deemed viable for residential conversion "A building's age also is an important factor and one of the biggest differentiators between Tier I and Tier II buildings, Ressler said. Building codes largely changed in the 1980s, so office towers built before then may have unique structural considerations — and require additional cost to address those differences — as a result." "The vast majority of the buildings analyzed by CommercialEdge — more than 85% — were deemed Tier III, or least suitable for conversion. The higher interest-rate environment and a tough financing market have become additional wrinkles to making a lot of real estate deals, including conversions, financially feasible. There also remain gaps between what buyers and sellers feel a building is worth, as many groups looking to convert offices into housing or another use are looking to buy those structures at deep discounts." https://lnkd.in/ezpYK6Zr