Turning old offices into affordable apartments has been a trend in recent years in cities across the US, and it looks like Chicago may be the next city to jump on board. Proposals to convert empty office buildings into affordable apartments are being considered by the city, with one of the aims being to address the shortage of affordable housing.
According to a recent report from Costar, developers in Chicago are eyeing old office buildings as prime real estate for affordable housing projects. With many offices remaining vacant after the pandemic and the general shift toward remote work, there is an opportunity to repurpose these buildings and meet the demand for affordable housing.
This trend does not have to be limited to Chicago – we could see more cities across the US following suit. For commercial real estate investors and developers, it’s important to keep an eye on these emerging trends and decide where the dollars might go farthest in various US markets.
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