Older-but-otherwise viable office stock, though, is a decent candidate to turn into housing. In a perfect world: * Lots of companies still using office space

Older-but-otherwise viable office stock, though, is a decent candidate to turn into housing. In a perfect world: * Lots of companies still using office space migrate to new office towers. * Older office towers get turned into housing. Will that get us there? I'm not sure. Of course, banks will still not be so happy, because a lot of this newer stock that would have rented at premium commercial rates is going to have to go a fair bit cheaper. (The other thing is-- if some of the older office stock gets turned into housing, the demand for commercial should go up, too, because it's easier for your work force to live close to work... but unfortunately, all of these corrections are on a timescale of 5+ years).