Have you noticed some of the empty office space around town? Raleigh’s office vacancies are at 21.8% as of October 2023, according to Cushman & Wakefield MarketBeat — up from last year’s rate of 17.5%. Compare those numbers to the national office vacancy rate, which was 17.8% as of September 2023. One possible use for vacant offices? Affordable housing.
Recently, the White House released a new plan to convert commercial buildings into residential housing — affordable housing in particular. Resources will be made available from 20+ programs across multiple agencies, including the Department of Transportation and the Department of Housing and Urban Development.
We’re talking below-market loans, grants, and tax credits... all available to help take advantage of preexisting buildings to make more affordable housing.
In fact, office to housing conversion talks are already underway in Raleigh. Researchers have identified multiple buildings suited for apartment conversion, according to Triangle Business Journal. Some of these buildings include two along Fayetteville Street and the Capital Club Building on West Martin Street.
Which vacant spaces would you like to see converted?
Have you passed an empty office building that would be a sweet apartment? How about some empty warehouses near public transportation that would make for a quick commute?
Tell us which spaces you’d like to see remade into housing, and we may feature your picks in an upcoming newsletter.
