 |
|
|
|||||
Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. Pandemic era adoption of work-from-home and hybrid work models has left many office spaces unused, triggering a surge in expired leases and vacant office buildings. Simultaneously, the residential housing market remains resilient, with the number of active homes for sale in January 2025 sitting 25% below the levels recorded in January 2019. Itd only make sense that many of these offices over time get converted into condos and apartments, right? To gain a comprehensive understanding of the current office-to-apartment conversions landscape, ResiClub turned to RentCafe, an arm of property management software giant Yardi Systems. Entering 2021, there were 12,100 office-to-apartment units in the U.S. conversion pipeline. Fast-forward to 2025, and that figure is now 70,700an increase of 484% in just four years. This significant increase highlights the evolving nature of Americas cities that are driven by shifts in living preferences and changes in work habits, wrote RentCafe in its latest report. As office spaces are reimagined to meet the demand for housing, its clear that adaptive reuse is playing a key role in reshaping urban landscapes. According to RentCafe, the office-to-apartment unit pipeline (70,700) makes up 42% of the 169,000 units currently being converted from commercial properties into apartment units. Its followed by hotel-to-apartment (22%), factory-to-apartment (11%), and warehouse-to-apartment (6%). The biggest chunk of this 70,700 office-to-apartment unit pipeline can be found in New York (8,310 units). Not too far behind is Washington, D.C. (6,533 units), Los Angeles (4,388 units), Chicago (3,606 units), and Dallas (2,752 units). From a big-picture perspective, the 70,700 office-to-residential conversion pipeline might not be as significant as it appears at first glance. Look no further than the project at 219 E. 42nd Street in Midtown Manhattan, near Grand Central Terminal. The former Pfizer headquarters will be transformed from a 10-story office building into a 29-story luxury multifamily development, bringing 1,600 housing units to market in 2027. This single conversion will be the biggest in New York Citys history and makes up 19% of New York City’s conversion pipeline and 2.3% of the U.S. conversion pipeline. The 291,000-square-foot office building will be about 540,000 square feet after the additional 19 stories are added to the structure. For perspective, there are about 95 million square feet of office real estate available for lease in New York City alone. Of the 55,339 office-to-apartments in some phase of development in January 2024, only 3,709 were completed by December, leaving 51,630 units that carried over into 2025, according to RentCafes report. Why arent there more office-to-apartment conversions right now? Commercial buildings may not be designed or constructed with residential living in mind. Converting office spaces into comfortable and functional apartments may require significant structural changes, such as adding windows or ventilation, or modifying floor plans. While office-to-apartment conversions can often be done faster, they often cost more than just building a new building. Big Picture: While the conversion of office spaces into residential units is gaining momentum, it still remains a small segment of the residential housing market.
Category:
E-Commerce
A passenger jet flipped onto its roof while landing in Toronto, Canada, the fourth major aviation accident in North America in the past three weeks. While at least 18 people were injured, all 80 people on board the Delta Air Lines flight from Minneapolis survived the crash Monday. Here are some things to know about the crash: What caused the airplane to flip? Communications between the tower at Toronto’s Pearson International Airport and the pilot were normal on approach and right now its not clear what went wrong when the plane touched down. Were strong winds a factor in the crash? Toronto Pearson Fire Chief Todd Aitken has said the runway was dry and there was no crosswind conditions. Audio recordings indicate that the control tower warned the pilots of a possible air flow bump on the approach. Winds were gusting up to 40 mph (65 kph) during the day at the airport, according to the Meteorological Service of Canada. But airplanes and pilots should be equipped to handle those kind of winds while landing, said John Cox, CEO of aviation safety consulting firm Safety Operating Systems in Florida. Were the passengers badly injured? Those hurt had relatively minor injuries, the airports chief executive said. The airport fire chief said 18 passengers were taken to the hospital. An air ambulance operator said it had transported one pediatric patient and two adults to hospitals. Delta said Tuesday that some of those injured had been released. What happened inside the plane? One passenger told told CBC News that he found himself upside down and still strapped in his seat after a forceful landing. Peter Carlson said he crashed onto the ceiling when he took off his seat belt and smelled gas. He and another man helped a mother and her young son out of the plane before getting out. Who is investigating? The U.S. Federal Aviation Administration said the Transportation Safety Board of Canada will lead the investigation. The National Transportation Safety Board in the U.S. said it was sending a team to assist. Is it safe to fly? The fourth major aviation accident in North America in less than a month has many people concerned about the safety of flying. Fatal crashes remain rare and the track record of U.S. airlines is remarkably safe. But there have been deadly crashes recently around the world and U.S. officials have been raising concerns about an overtaxed and understaffed air traffic control system for years. By JOHN SEEWER Associated Press Associated Press writers John Wawrow and Michael Casey contributed to this report.
Category:
E-Commerce
Currently, America is experiencing its worst flu season since 2009, according to data from the Centers for Disease Control and Prevention (CDC). As a matter of fact, the CDC says there are so many cases that this season is now classified as being high severity for all age groups. Thats the first time a flu season has acquired that designation since the 201718 season. Still, some states are faring better than others. Heres what you need to know about the current 202425 flu season and where outbreaks are the worst. 16,000 dead from flu so far The 202425 influenza season is having a significant impact on the health and well-being of Americans. According to the CDCs latest US Influenza Surveillance Report for the week ending February 8, 2025, the flu this season has accounted for: 29 million illnesses 370,000 hospitalizations 16,000 deaths The CDC’s report also reveals that during the most recent week, 31.6% of people tested came back positive for influenza, and 50,382 people were hospitalized for the illness in the most recent week alone. The flu has historically been particularly dangerous to the elderly, but sadly, this season, the illness is also hitting infants and children hard. The CDC says that in the past week alone, there were 11 influenza-associated pediatric deaths, bringing the total number of pediatric deaths for the season to 68. “Based on data available this week, this season is now classified as a high severity season overall and for all age groups (children, adults, older adults) for the first time since 20172018,” the CDC says. What states are being hit hard the worst? While respiratory illnesses seem to be running roughshod across the country, some states have it worse than others. The CDCs Outpatient Respiratory Illness Activity Map classifies respiratory illness rates into five categories: very-high, high, moderate, low, and minimal. 36 states and the District of Columbia are currently listed in the very-high category, including: Alabama, Arkansas, California, Colorado, Connecticut, District of Columbia, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin. Nine states are classified in the high category: Arizona, Delaware, Florida, Minnesota, Nevada, Pennsylvania, South Dakota, West Virginia, and Wyoming. Two states are classified in the moderate category: North Dakota and Utah. One state is classified in the low category: Alaska. And two states are classified in the minimal category: Hawaii and Montana. Screenshot via CDC: Week ending February 08, 2025 How can I protect myself against the flu? Its impossible to fully protect yourself from the flu. However, the CDC says the best way you can protect yourself is by getting the flu vaccine. Everyone 6 months and older should get a flu vaccine every season, especially people at higher risk, the agency notes. Other steps you can take to decrease your likelihood of getting the flu are to avoid those who are sick with the illness and to wash your hands. You can check out the CDCs full list of recommendations here.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||