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The rise of hybrid work models has brought forth several of the American hallmark structures to experience a staggering 75% depreciation, an ominous harbinger of stress within the commercial real estate sector. The U.S. Federal Reserve's aggressive move to raise interest rates at a peak of 5% in the last 18 months, coupled with the impending maturity of nearly $450 billion in commercial real estate debt is due to mature in 2023, as reported by Trepp, JPMorgan.

A new report by McKinsey mentioned office prices are projected to fall 42% by 2030, creating minimum of $800 billion in losses in the biggest cities. For instance, the largest landlord for office space in New York City experienced $93 million in net losses in 2022, a drastic change from the $435 million in net profits experienced over 2021.

The cubicles-to-kitchens trend has taken hold in a number of cities, straight out of the playbook that revived center city like Philadelphia and Lower Manhattan in the past quarter century. According to RentCafe, office-to-residential conversions increased by 43% from 2022 to 2023. The opportunities of office-to-residential conversions should not be overlooked, as this promising solution to the CRE catastrophe unveils, the average multifamily building boasts an impressive 96.5% occupancy rate, far surpassing the 70% occupancy rate observed in office buildings. CBRE data backs up this trend, with estimating an average of 39 projects completed per year and 217 underway at the end of 2023. 

Office-to-Residential Summit by Trueventus is aimed to create a premier destination for professionals to learn a comprehensive understanding of the challenges and opportunities in repurposing office spaces into residential properties. Also, showcasing case studies, and exploring innovative approaches to designing, developing, and managing office-to-residential conversions. 

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