With office vacancy rates showing no signs of reversing their negative trend, a greater opportunity arises in major metro markets for conversions.
An interesting phenomenon is happening in some major US cities, especially in the downtown metropolitan cores. Some cities are in the top rungs of population growth over the last half decade, yet their downtown core office vacancy rates continue to increase. Certainly, the Work From Home trend of the COVID pandemic has been attributed to the high vacancy rates in most markets. However, in a few markets where population is on the rise, these vacancy rates have showed no signs of reversal.