Office Conversions Aren’t the Story — The Capital Stack Is

Office-to-residential conversions are dominating the conversation in commercial real estate—but the real story isn’t the buildings. In this episode, we break down what a new Washington, D.C. analysis reveals about the growing pipeline of office conversions and why the impact on vacancy may be smaller than many expect. More importantly, we explore the three forces actually driving this shift: obsolete office inventory, aggressive city incentives, and new financing tools like C-PACE that are reshaping how redevelopment deals get funded. The discussion looks beyond headlines to examine what conversions really mean for office markets, developers, and the future of downtown real estate.