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Chris Fogarty explains how high vacancy rates are finally tipping the balance towards conversion
Three years ago, my firm finished construction on our first office building in downtown Brooklyn. It has won numerous awards, is in a great location and has amazing views. The project began pre-Covid, when the Brooklyn office market was going to be the next big thing. Sadly, it has sat empty since completion, and it’s not alone.
Since the pandemic, endless discussions and articles have explored how to turn New York’s vacant offices into much-needed housing. Even as companies try to bully or entice their staff back into the office, some form of remote work has become routine for many, and the office market has struggled to get back to full occupancy.
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