Taking aim at the nation's housing crisis, the White House kicked off a multiagency push on Friday to help real-estate developers convert more office buildings emptied by the pandemic into affordable housing.
A third part of the program will see the federal government draw up a public list of buildings it owns that could be made available for sale to help bolster development.
The federal government owns about 1,500 office buildings nationally and had leases on almost 200 million square feet of additional space as of April, according to Barclays analysts, who said in a recent report that much of that office space was underused.
Also consider San Francisco's push to turn office buildings into homes hinges on this simple idea.
Warren Wachsberger, CEO of Aecom Capital, a subsidiary of Aecom ACM, said revamping old office buildings isn't that simple.
"Many buildings probably won't work," Wachsberger said, observing that thick, concrete office floorplates often need to be drilled through and plumbing and heating systems overhauled, with local building codes adding to the headache.
The government has 1,500 office buildings nationally and leases on almost 200 million square feet of additional space that it does not need.
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