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Life during the coronavirus has been abnormal for most of us. But even as the pandemic ebbs, a new “normal” inevitably will replace some of the old “normal,” especially in the office building real estate market. Many Americans are buying desks to work at home, suggesting that millions of square feet of previously leased space in existing office buildings may no longer be needed.
This could be a problem-solving opportunity in the future if excess commercial office space can be converted into housing, with some being affordable. But accomplishing conversion feasibly has challenges in design, technology, regulations, and costs and financing.