Due to the continued lack of demand for office and continued demand for residential, office towers across the United States, like the New Orleans International Trade Mart and the famed Chicago Tribune Tower, were recently converted into a luxury hotel and residences. A March 2022 report by the NAIOP Commercial Real Estate Development Association found that since 2010, 885 office buildings across the United States have been converted to multifamily residences. Real estate experts expect the trend to continue going forward.

With COVID-19–induced remote work and layoffs projected in the high-tech and other industries, demand for office space has been projected to shrink between 20 and 30 percent over the next few years. Developers nationwide are stepping in to fill this void.

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