{"id":1004800063,"date":"2026-06-12T01:41:56","date_gmt":"2026-06-12T09:41:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004800063"},"modified":"2026-06-12T01:51:39","modified_gmt":"2026-06-12T09:51:39","slug":"top-city-programs-for-office-to-residential-conversions-in-the-us","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-city-programs-for-office-to-residential-conversions-in-the-us\/","title":{"rendered":"Top City Programs for Office-to-Residential Conversions in the US"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Despite <a href=\"https:\/\/www.commercialsearch.com\/news\/18-cre-trends-were-taking-into-2026\/\">ongoing stabilization across many markets<\/a>, high office vacancy continues to stick across certain metros and submarkets with older stock. Local legislation is one way to address this issue, as well as the prevalent housing shortage, through city programs for office-to-residential conversion.<\/p>\n\n\n\n<p>These incentives, often surgical in scope and dimension, aim to assist developers at various stages throughout the adaptive reuse process, from fast-tracking permits to providing tax breaks or even financing. Here&#8217;s our list of some of the most impactful such programs across major U.S. markets.<\/p>\n\n\n\n<p><iframe title=\"City Programs for Office-to-Residential Conversion\" aria-label=\"Table\" id=\"datawrapper-chart-J5Xgg\" src=\"https:\/\/datawrapper.dwcdn.net\/J5Xgg\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"634\" data-external=\"1\"><\/iframe><script>(function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})();<\/script><\/p>\n\n\n\n<p>&nbsp;<strong>Key takeaways<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Boston and New York City encourage conversions through tax incentives and programs that speed up the approval process.<\/li>\n\n\n\n<li>Chicago provides capital through tax increment financing for adaptive reuse developments in the downtown area.<\/li>\n\n\n\n<li>Los Angeles hastens conversion approval based on location and building age.<\/li>\n\n\n\n<li>Washington, D.C., offers tax incentives for downtown adaptive reuse projects.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-boston\">Boston<\/h2>\n\n\n\n<p>Boston\u2019s office-to-residential conversion program provides a speedier resolution for permitting\u2014reducing the timeline from 18 to just six months\u2014and a 75 percent tax abatement through a PILOT program set to last 29 years. Additionally, downtown properties may receive as-of-right zoning, which lets applicants skip Zoning Board of Appeal approvals.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2bfc8654108&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004800064\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-city-programs-for-office-to-residential-conversions-in-the-us\/boston_conversion\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Boston_Conversion.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Boston_Conversion\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Synergy Investments filed plans to convert this 1903-built office building at 294 Washington St. to a 255-unit community in what may become Boston\u2019s biggest adaptive reuse project. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Boston_Conversion.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Boston_Conversion.jpg\" alt=\"This 1903-built office building at 294 Washington St. may undergo conversion to a multifamily property in Boston.\" class=\"wp-image-1004800064\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Boston_Conversion.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Boston_Conversion.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Synergy Investments filed plans to convert this 1903-built office building. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In exchange, developers must align with a green-oriented construction process, set aside 17 percent of the units as affordable and ensure the presence of ground-level retail across projects. &nbsp;<\/p>\n\n\n\n<p>Since the program\u2019s inception in 2023, the application count has reached 26, targeting the conversion of 1.5 million square feet of office space to 1,785 multifamily units. Synergy Investments was among the companies to file for conversion of the 1903-built office building at 294 Washington St. into a 255-unit community, marking one of the biggest <a href=\"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-boston\/\">Boston redevelopment projects<\/a> in history.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-chicago\">Chicago<\/h2>\n\n\n\n<p>The LaSalle Corridor Revitalization aims to <a href=\"https:\/\/www.commercialsearch.com\/news\/can-adaptive-reuse-revitalize-us-cities\/\">revitalize underutilized office<\/a> space across LaSalle Street in Chicago\u2019s historic central business district. This is among the city programs for office-to-residential conversion that may provide capital in the form of tax increment financing to eligible projects.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2bfc865465b&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"410\" height=\"308\" data-attachment-id=\"1004800065\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-city-programs-for-office-to-residential-conversions-in-the-us\/chicago_conversion\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Chicago_Conversion.jpg\" data-orig-size=\"410,308\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Chicago_Conversion\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The tower at 30 N. LaSalle St. may undergo repositioning into a 349-unit property. Golub &#038; Co. and AIG are leading the project. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Chicago_Conversion.jpg?w=410\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Chicago_Conversion.jpg\" alt=\"Golub &amp; Co., AIG, could convert this office tower at 30 N. LaSalle St. in Chicago to a 349-unit multifamily property. \" class=\"wp-image-1004800065\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Chicago_Conversion.jpg 410w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Chicago_Conversion.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 410px) 100vw, 410px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The tower at 30 N. LaSalle St. may undergo repositioning into a 349-unit property. Golub &amp; Co. and AIG are leading the project. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Following an invitation for proposals issued in 2022, Chicago has funded six projects with $315 million in TIF. Overall, these developments represent more than $900 million in total investment, aiming to convert 2 million square feet of office space into 1,765 multifamily units.<\/p>\n\n\n\n<p>To absorb the funds, developers must set aside 30 percent of a project\u2019s units as affordable, to be rented out to residents earning at or below 60 percent of the area median income.<\/p>\n\n\n\n<p>One such applicant is Golub &amp; Co., which, alongside AIG, plans to reposition the 1975-completed, 44-story tower at 30 N. LaSalle St. into a 349-unit community. Just last month, the property received a landmark designation from the Chicago zoning committee, which allows the developer to secure another type of incentive in the form of a Class L property tax abatement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-los-angeles\">Los Angeles<\/h2>\n\n\n\n<p>Much like Boston and Chicago, Los Angeles has a Downtown Adaptive Reuse Program. However, the metro also adopted a much broader Citywide Adaptive Reuse Ordinance. Both pieces of legislation provide zoning incentives and streamline conversion procedures.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2bfc8654b9d&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004800066\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-city-programs-for-office-to-residential-conversions-in-the-us\/los_angeles_conversion\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Los_Angeles_Conversion.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Los_Angeles_Conversion\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Jamison Services\u2019 conversion of this 620,000-square-foot building at 1055 W. 7th St. in Los Angeles does not include a structural retrofit, saving the developer approximately 10 percent in construction costs. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Los_Angeles_Conversion.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Los_Angeles_Conversion.jpg\" alt=\"Jamison Services started the conversion of this office building at 1055 W. 7th St. in Los Angeles to a multifamily property. \" class=\"wp-image-1004800066\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Los_Angeles_Conversion.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Los_Angeles_Conversion.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Jamison Services\u2019 conversion of this 620,000-square-foot building at 1055 W. 7th St. in Los Angeles does not include a structural retrofit, saving the developer approximately 10 percent in construction costs. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The citywide ordinance came into effect this February, mirroring and adapting some of the downtown program stipulations to include the removal of most zoning code barriers and the provision of interior <a href=\"https:\/\/www.commercialsearch.com\/news\/3-adaptive-reuse-projects-that-pop\/\">adaptive reuse architectural flexibility<\/a>, unlimited density and approval of extra floors for affordable projects.<\/p>\n\n\n\n<p>To access these programs, developers must convert buildings within eligible zones and meet certain building age criteria, to name a few requirements. Jamison Services is among the companies that frequently engages city programs for office-to-residential conversion.<\/p>\n\n\n\n<p>Some of the firm\u2019s current projects include the adaptive reuse of the 620,000-square-foot office tower 1055 W. 7th St. into a 686-unit community and the adaptive reuse of the Los Angeles World Trade Center into a 512-unit affordable housing property.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-york-city\">New York City <\/h2>\n\n\n\n<p>The Big Apple hastens adaptive reuse through the Office Conversion Accelerator, a 2023-launched program designed to assist developers navigate the city\u2019s red tape by offering a single contact point that links to numerous local departments.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2bfc865508b&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004800067\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-city-programs-for-office-to-residential-conversions-in-the-us\/new_york_conversion\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/New_York_Conversion.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"New_York_Conversion\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;RXR, Apollo Global Management and SL Green are converting the property at 5 Times Square in Manhattan into a 1,250-unit multifamily property. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/New_York_Conversion.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/New_York_Conversion.jpg\" alt=\"Exterior shot depicting 5 Times Square, an office tower in Manhattan, currently being converted by RXR, Apollo and SL Green to multifamily\" class=\"wp-image-1004800067\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/New_York_Conversion.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/New_York_Conversion.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">RXR, Apollo Global Management and SL Green are converting the office building at 5 Times Square in Manhattan into a 1,250-unit multifamily property.<em> Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>While the Office Conversion Accelerator may only be accessed by developers with projects encompassing at least 50 units, another program, dubbed the Affordable Housing from Commercial Conversions Tax Incentive Benefits or 467-m, can be obtained by developments with as few as six units.<\/p>\n\n\n\n<p>The tax break, which provides a 100 percent exemption during construction and various degrees of exemption post-completion for up to 35 years, requires that at least one-quarter of the units be set aside as affordable, among other income restrictions.<\/p>\n\n\n\n<p>Among <a href=\"https:\/\/www.commercialsearch.com\/news\/is-nyc-construction-spending-a-national-bellwether\/\">New York&#8217;s construction projects<\/a> is the conversion currently underway at 5 Times Square, which secured both incentives. RXR Reality, Apollo Global Management and SL Green are spearheading the adaptive reuse of the 1.1 million-square-foot former office tower into a 1,250-unit community.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-washington-d-c\">Washington, D.C.<\/h2>\n\n\n\n<p>While the federal government continues to adjust its D.C. footprint, local policies likewise attempt to address the underutilization of office buildings. The capital addresses this issue through a competitive program that provides a 20-year tax abatement.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2bfc86555c0&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"665\" height=\"499\" data-attachment-id=\"1004800069\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-city-programs-for-office-to-residential-conversions-in-the-us\/washington_dc_conversion\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Washington_DC_Conversion.jpg\" data-orig-size=\"665,499\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Washington_DC_Conversion\" data-image-description=\"&lt;p&gt;Image obtained from MHN&#8217;s coverage: https:\/\/www.multihousingnews.com\/post-brothers-secures-575m-for-d-c-conversion-project\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Post Brothers broke ground earlier this year on Washington, D.C.\u2019s biggest office-to-residential development, a 532-unit project dubbed The Geneva. Image courtesy of Post Brothers&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Washington_DC_Conversion.jpg?w=665\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Washington_DC_Conversion.jpg\" alt=\"Rendering depicting the exterior of The Geneva, the biggest office-to-residential conversion in Washington, D.C.\" class=\"wp-image-1004800069\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Washington_DC_Conversion.jpg 665w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Washington_DC_Conversion.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 665px) 100vw, 665px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Post Brothers broke ground earlier this year on Washington, D.C.\u2019s biggest office-to-residential development, a 532-unit project dubbed The Geneva. <em>Image courtesy of Post Brothers<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Dubbed Housing in Downtown, the 2024-enacted program requires applicants to develop projects of at least 10 units and set aside between 10 and 18 percent of apartments as income-restricted.<\/p>\n\n\n\n<p>As of January, HID has advanced 10 projects encompassing 2,563 units across 2.8 million square feet. That includes the latest conversion, which is also the largest in D.C.\u2019s history. Post Brothers kicked off the development, dubbed The Geneva, earlier this year, set to transform a 604,000-square-foot office property into a 532-unit community.<\/p>\n\n\n\n<p>Washington\u2019s efforts to trim down the old and obsolete office stock ran past residential conversions, with the city\u2019s launch of the Office-to-Anything Program last year. This incentive complements the residential conversion one, offering 15-year tax abatements on a similar competitive basis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From fast-tracking approvals to tax benefits, policymakers explore ways to boost adaptive reuse.<\/p>\n","protected":false},"author":3471,"featured_media":1004800069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,23891,21742,21747,52682],"tags":[33971],"class_list":["post-1004800063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-national","category-latest","category-office","category-policy","tag-adaptive-reuse-projects"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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