The NYTimes had a good article on this, along with some examples of buildings that have actually undergone the conversion: https://www.nytimes.com/interactive/

The NYTimes had a good article on this, along with some examples of buildings that have actually undergone the conversion: https://www.nytimes.com/interactive/2023/03/11/upshot/office-conversions.html https://www.nytimes.com/interactive/2023/03/11/upshot/office... https://archive.is/gQiQW https://archive.is/gQiQW Floor plans are awkward if you had to segment them in to apartments, having each apartment meet code for residential spaces turns in to a puzzle in ensuring things like light entry. Math that made sense for office buildings doesn't translate as easily to residential, so you're paying for more elevators (made for an office building) than you need, you have less floor space you can rent out because you need it for amenities, you have to do extensive renovations to make it suitable for living, and then have to hope the commercial real estate market doesn't surge in demand after you've done it. It's apparently doable, but not easy, and has a significant downside if there isn't enough demand to meet your new luxury apartment building, and the risk that commercial real estate bounces back after you've done it.