From Paris to DC - why offices are being turned into apartments

In Paris, the conversion of office buildings into apartments is gaining momentum due to decreased demand for office space post-pandemic. Groupama Immobilier plans to transform the Le Diamant office building into residential units, reflecting a broader trend in urban areas like New York and Washington DC. The vacancy rate in La Défense has risen significantly, prompting the need for diversification beyond just workspaces. Challenges include lack of natural light and plumbing requirements, but the push for more vibrant urban environments is driving these changes. Similar initiatives in the US and UK highlight the importance of easing regulations and providing tax incentives to facilitate these conversions.