Office Conversions in Seattle, The Opportunity and Challenge

Nationwide, the office market is witnessing a rise in vacancy rates, primarily attributed to the rapid adoption of hybrid work arrangements. This evolution in the workspace dynamic is prompting local politicians and office investors to explore new strategies to utilize the growing volume of vacant office space, protect property values and maintain tax revenues. Though conversion of office space into residential apartments has been a popular topic of conversation to address housing shortages, other potential opportunities include transforming them into specialized facilities for life science and research purposes to meet the burgeoning demand in Seattle’s biotech sector.