Among many challenges brought about by COVID-19, changing community needs have illuminated growing underutilization and vacancy among commercial buildings. With the recent drop in hotel occupancy and office tenants reconsidering how much space they need due to the pandemic, some owners are considering converting the use of their existing building to multifamily. While some properties are excellent candidates for such a conversion, there are some potential obstacles that must be considered before committing to convert a property to multifamily.
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