East Coast Mayors Call for More Office Conversions

Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions. In some instances, cities have offered generous tax abatements to developers who build new housing.

“We have a great opportunity to change the uses in the downtown,” said Washington, DC, Mayor Muriel Bowser at a December 2022 news conference in support of her housing budget proposals.

Cities like Philadelphia have previously embraced these policies to revitalize their downtowns. In Philadelphia, homeowners and investors received more than $1 billion in tax breaks for their renovation projects.

*Article courtesy of CNBC

For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com. Wolf Commercial Real Estate, is a leading New Jersey and Philadelphia commercial real estate broker that specializes in healthcare, office, retail, land, industrial, and investment spaces.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings and services and property management services for landlords, owners, investors, tenants and more.

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their real estate goals.