> due to the relative value of each use and the cost of conversion Presumably, the relative value will change at some point if demand for office space falls of

> due to the relative value of each use and the cost of conversion Presumably, the relative value will change at some point if demand for office space falls off a cliff. I also suspect there are public policy factors that could be brought to bear. Vacancy taxes (perhaps even scaling with vacancy volume) are underused. Put them into place, use the revenue to fund pilot conversion projects, prizes for innovation on that front, and eventually perhaps subsidies. As always, incentives matter. But often overlooked is that incentives are malleable.