08/25/2026
๐๐ผ๐๐๐ผ๐ป'๐ ๐ข๐ณ๐ณ๐ถ๐ฐ๐ฒ-๐๐ผ-๐๐ผ๐๐๐ถ๐ป๐ด ๐๐ผ๐ป๐๐ฒ๐ฟ๐๐ถ๐ผ๐ป๐ ๐๐ฎ๐ฐ๐ฒ ๐ฎ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ป๐ด ๐๐ฎ๐ฝ
Developers have proposed ๐ฎ๐ต ๐ผ๐ณ๐ณ๐ถ๐ฐ๐ฒ-๐๐ผ-๐ฟ๐ฒ๐๐ถ๐ฑ๐ฒ๐ป๐๐ถ๐ฎ๐น ๐ฐ๐ผ๐ป๐๐ฒ๐ฟ๐๐ถ๐ผ๐ป ๐ฝ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐๐ ๐ถ๐ป ๐ฑ๐ผ๐๐ป๐๐ผ๐๐ป ๐๐ผ๐๐๐ผ๐ป ๐๐ถ๐ป๐ฐ๐ฒ ๐น๐ฎ๐๐ฒ ๐ฎ๐ฌ๐ฎ๐ฏ, ๐ฝ๐ฟ๐ผ๐บ๐ถ๐๐ถ๐ป๐ด ๐ฎ,๐ฏ๐ฏ๐ญ ๐๐ป๐ถ๐๐ ๐ผ๐ณ ๐ต๐ผ๐๐๐ถ๐ป๐ด, ๐ฏ๐๐ ๐ผ๐ป๐น๐ ๐ฐ๐ฏ๐ญ ๐๐ป๐ถ๐๐ ๐ต๐ฎ๐๐ฒ ๐๐๐ฎ๐ฟ๐๐ฒ๐ฑ ๐ผ๐ฟ ๐ฐ๐ผ๐บ๐ฝ๐น๐ฒ๐๐ฒ๐ฑ ๐ฐ๐ผ๐ป๐๐๐ฟ๐๐ฐ๐๐ถ๐ผ๐ป, ๐ฎ๐ฐ๐ฐ๐ผ๐ฟ๐ฑ๐ถ๐ป๐ด ๐๐ผ ๐๐ถ๐๐ป๐ผ๐ ๐ฎ๐ป๐ฑ ๐๐ต๐ฒ ๐๐ผ๐๐๐ผ๐ป ๐ฃ๐น๐ฎ๐ป๐ป๐ถ๐ป๐ด ๐๐ฒ๐ฝ๐ฎ๐ฟ๐๐บ๐ฒ๐ป๐. More than 14.7 million square feet of downtown office space sits vacant, representing 18.7 percent of inventory per CBRE, while rising construction costs have pushed some projects further from breaking ground. One developer reported construction costs on a single Milk Street conversion rose nearly $16 million between initial approval and financing.
Converting an office building into housing brings valuation questions that a standard appraisal approach handles poorly, from structural constraints to shifting highest-and-best-use analysis mid-project. ๐๐ผ๐๐๐ผ๐ป ๐๐ฝ๐ฝ๐ฟ๐ฎ๐ถ๐๐ฎ๐น ๐ฆ๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐ ๐ฝ๐ฟ๐ผ๐๐ถ๐ฑ๐ฒ๐ ๐ฐ๐ฒ๐ฟ๐๐ถ๐ณ๐ถ๐ฒ๐ฑ ๐ฐ๐ผ๐บ๐บ๐ฒ๐ฟ๐ฐ๐ถ๐ฎ๐น ๐ฎ๐ฝ๐ฝ๐ฟ๐ฎ๐ถ๐๐ฎ๐น๐ ๐ฎ๐ฐ๐ฟ๐ผ๐๐ ๐ ๐ฎ๐๐๐ฎ๐ฐ๐ต๐๐๐ฒ๐๐๐, ๐ก๐ฒ๐ ๐๐ฎ๐บ๐ฝ๐๐ต๐ถ๐ฟ๐ฒ, ๐ฅ๐ต๐ผ๐ฑ๐ฒ ๐๐๐น๐ฎ๐ป๐ฑ, ๐ฎ๐ป๐ฑ ๐ ๐ฎ๐ถ๐ป๐ฒ, ๐๐ถ๐๐ต ๐ฒ๐
๐ฝ๐ฒ๐ฟ๐ถ๐ฒ๐ป๐ฐ๐ฒ ๐๐ฎ๐น๐๐ถ๐ป๐ด ๐ฐ๐ผ๐บ๐ฝ๐น๐ฒ๐
๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ถ๐ฒ๐ ๐๐ต๐ฟ๐ผ๐๐ด๐ต๐ผ๐๐ ๐ฒ๐๐ฒ๐ฟ๐ ๐๐๐ฎ๐ด๐ฒ ๐ผ๐ณ ๐ฎ ๐ฐ๐ผ๐ป๐๐ฒ๐ฟ๐๐ถ๐ผ๐ป, ๐ณ๐ฟ๐ผ๐บ ๐ฎ๐ฐ๐พ๐๐ถ๐๐ถ๐๐ถ๐ผ๐ป ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ป๐ด ๐๐ต๐ฟ๐ผ๐๐ด๐ต ๐ฐ๐ผ๐ป๐๐๐ฟ๐๐ฐ๐๐ถ๐ผ๐ป ๐ฐ๐ผ๐บ๐ฝ๐น๐ฒ๐๐ถ๐ผ๐ป.
๐๐ฒ๐๐ฒ๐น๐ผ๐ฝ๐ฒ๐ฟ๐ ๐ฎ๐ป๐ฑ ๐น๐ฒ๐ป๐ฑ๐ฒ๐ฟ๐ ๐๐ผ๐ฟ๐ธ๐ถ๐ป๐ด ๐๐ต๐ฟ๐ผ๐๐ด๐ต ๐ฎ ๐ฐ๐ผ๐ป๐๐ฒ๐ฟ๐๐ถ๐ผ๐ป ๐ฝ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐ ๐ฎ๐ฟ๐ฒ ๐ฒ๐ป๐ฐ๐ผ๐๐ฟ๐ฎ๐ด๐ฒ๐ฑ ๐๐ผ ๐ฟ๐ฒ๐ฎ๐ฐ๐ต ๐ผ๐๐ ๐ณ๐ผ๐ฟ ๐ฎ ๐ฐ๐ผ๐ป๐๐๐น๐๐ฎ๐๐ถ๐ผ๐ป.
๐ง [email protected]
๐ (617) 440-7700
๐ฅ๐ฒ๐ฎ๐ฑ ๐๐ต๐ฒ ๐ฎ๐ฟ๐๐ถ๐ฐ๐น๐ฒ ๐ต๐ฒ๐ฟ๐ฒ: https://www.bisnow.com/news/boston/multifamily/office-to-housing-proposals-flood-downtown-boston-but-financing-woes-leave-most-projects-stalled
Most of Boston's proposed office-to-housing projects have yet to start construction as developers face rising costs and policy hurdles.