Office to Residential Conversion Calculator

Office-to-residential (O2R) conversion has emerged as a potentially practical solution to respond to shifting office demand while expanding housing supply and supporting the long-term vitality of downtowns and job centers. However, O2R plays out differently across U.S. cities: market conditions, building stock, and local policy goals vary widely, and the same conversion approach can deliver very different outcomes. Therefore, local leaders and stakeholders need practical, accessible resources to understand these dynamics, assess whether O2R can advance their community's priorities, and inform discussions about the policy and financial tools that may be needed to make conversions possible.

This dashboard builds on the nationwide research study conducted on behalf of the U.S. Department of Housing and Urban Development (HUD), by Gensler, HR&A Advisors, Brookings Institution, and Eckholm Studios, titled Office-to-Residential Conversion: Case Studies and Policy Tools, completed in 2025 (see Brookings Institution for introductory overview). As part of the study's Community Guide to Office-to-Residential Conversions (see Part 1 on economics and Part 2 on policy levers), the team produced this scenario-based calculator to estimate the financial feasibility and development outcomes of converting common office building types under different local policy environments.

For any given building, an owner's decision to convert (or not) reflects their expectations about the current and future value of the building, the need for reinvestment, tenant dynamics, financing, and the regulatory context—factors that are often sensitive and not transparent to outside observers. This tool provides a high-level, generalized model of the financial component of that decision-making, enabling users to compare scenarios and explore how building characteristics and policy conditions may affect feasibility.

Note: Results are for illustrative purposes only and do not replace building-specific due diligence, code analysis, or project underwriting.

The core question this calculator explores is whether the value of a converted residential building exceeds the cost of conversion plus the current value of the office building.

When conversion costs exceed the resulting property value, a feasibility gap exists—the project needs additional support (subsidies, tax credits, abatements) to pencil. When the converted value exceeds costs, the project shows a surplus, meaning conversion is financially attractive on its own.

Policy tools can close the gap by reducing costs (tax credits) or increasing value (amenity investments, abatements).

Feasibility Gap

Conversion Costs

Gap

Converted Value

Surplus

Conversion Costs

Converted Value

Building Prototypes

Select the building prototype that most closely resembles the asset you want to test, then choose the policy environment to reflect the regulatory and incentive context you want to explore.

Houston High-Rise

20-story Class A 1970s high-rise in Downtown Houston

Los Angeles Tower

40-story Class A 1960s high-rise in Downtown Los Angeles

Pittsburgh High-Rise

20-story 1950s high-rise in Downtown Pittsburgh

St. Louis High-Rise

20-story high-rise in Downtown St. Louis

Stamford Mid-Rise

6-story mid-rise office complex in Stamford, CT

Winston-Salem Tower

13-story high-rise in Winston-Salem, NC

Policies and Tools

Affordability Requirements

Affordable housing requirements can help ensure conversions contribute to local and regional housing goals, though deeper affordability set-asides may require additional subsidies or offsets to remain financially feasible.

% of units required affordable0%

0%100%

AMI Level

Historic Tax Credits

Federal historic tax credits — and, in some states, additional state historic tax credits — can reduce the net cost of rehabilitating eligible historic buildings.

Federal Historic Tax Credit (20%)

State Historic Tax Credit (25%)

Tax Abatements

A tax abatement is a partial reduction of the taxes attributable to new investment, typically for a defined period (often 10-30 years).

% abatement0%

0%100%

Duration (years)0 yr

0 yr30 yr

Investments in Downtown Amenities

Investments in the public realm, such as streetscape improvements, parks and open spaces, safety and cleanliness programs, and other neighborhood amenities, often increase the attractiveness of downtown housing opportunities. By increasing the rents a converted building can achieve, these investments can raise project value and improve conversion feasibility.

Apply 10% rent premium

Findings

Select a building prototype above to see results

The work that provided the basis for this publication was supported by funding under an award with the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. The authors and the publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Government.