For years, municipalities have utilized incentives to stimulate desired investments or address persistent issues requiring private-sector involvement. Presently, city officials are rolling out or enhancing programs to promote office-to-residential conversion initiatives in downtown areas across the United States, spurred by a sluggish post-pandemic office market. With the national office vacancy rate reaching a historic 19.6% by the fourth quarter’s end and a significant decline in office building values impacting tax revenue, facilitating more conversion projects has become a paramount concern for elected officials and economic developers alike. However, executing these projects poses considerable challenges.
*Article courtesy New York Business Journal
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