The office vacancy rate surged to 25% in 2023, a notable increase from 15.4% in 2019. This shift, attributed to remote work trends, has spurred developers’ interest in repurposing office spaces into residential units, particularly in the Metro Phoenix area. Notable among these conversions is One Lexington, once an office tower, now transformed into a luxurious condominium complex. Lev Libeskind, an architect from Libeskind Studio Design, underscores the significance of office-to-residential conversion projects, highlighting them as viable opportunities to revitalize communities.
