Transforming Offices Into Residential and Lodging Properties

The trend of converting office buildings into hotels has become more popular as companies ditch their office spaces in favor of remote work. Places like New York City, Washington D.C. and Calgary are even offering incentive programs to draw more interest. A perfect example is the former headquarters of the New York Daily News in Manhattan’s Financial District; in the U.S.’s largest conversion, it now houses 1,300 luxury condos.Brad Wellstead, a senior lecturer at Cornell’s SC Johnson College of Business, helps us understand the process of turning these old buildings into new real estate as well as some of the main pitfalls that developers face.What You'll LearnThe incentives behind renovating office spaces into hotel and luxury spacesWhy there are so many available offices spaces and who is buying themThe cities that are being affected most by these types of renovationsWhy these office spaces are the perfect places to renovate into hotel roomsThe Cornell Keynotes podcast is brought to you by eCornell, which offers more than 200 online certificate programs to help professionals advance their careers and organizations. Learn more from Brad Wellstead in these certificate programs:Commercial Real EstateReal Estate DevelopmentReal Estate Investing 360Did you enjoy this episode of the Cornell Keynotes podcast? Watch the full Keynote. Follow eCornell on YouTube, Facebook, Instagram, LinkedIn, TikTok, and X.