Quote:
Originally Posted by Emprise du Lion
If the Rust Belt is any indication, many of them will sit there vacant in the hopes that someone comes in with a redevelopment plan. Even if that takes years.
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I don't know about other Rust Belt cities, but ours has seen a wave of conversions of offices, warehouses, factories, and some hotel rooms to residential or mixed-use in desirable areas. Even though the population has been flat, there is still a demand for decent rentals and also for low-end and subsidized housing.
A big example is that DC developer Doug Jemal has taken ownership of Buffalo's largest office building, and several others, and is in the process of converting or adding hundreds of new apartments downtown in addition to attracting commercial tenants and retail businesses. He recently proposed new construction replacing parking lots in addition to the ongoing conversions, citing high unmet demand for downtown housing.
I don't know how suburban offices may manage, but I suspect that centrally located areas will be able to profitably backfill with residential.