30% of U.S. office buildings, valued at $1.1T, are obsolete

[Crawford]

Office conversions aren't really a municipal bragging point. It means the office space is dead in the water. A downtown with mass conversions is one where owners have no hope of recovery.

I'm not against office conversions, but when every other building is being converted, that's actually a really bad sign. Historic conversions can be pretty cool, but when 70's-era stuff is being mass-converted, that's generally not good.