Roughly six months after Cushman & Wakefield’s September 2025 Office-to-Residential Conversions report identified a sharp acceleration in conversion activity across Manhattan, the firm reports that the momentum has continued. In 2025, conversion starts totaled 5.0 million square feet, the highest annual total in the past 20 years, with nearly 913,883 square feet initiated in the last four months of the year,
The forward pipeline has also deepened, with 9.8 million square feet of office space now planned for
conversion across 31 projects, including nine newly proposed projects totaling two million square feet added since September, write Cushman & Wakefield’s Lori Albert and Reed Hatcher. Proposed conversion activity continues to skew toward Class A buildings and Midtown locations.
Of the 12 proposed Class A conversions in Midtown, eight are located in the East Side/UN and West Side
submarkets, reinforcing that “conversion activity is being evaluated on a building-by-building and submarket-specific basis,” Albert and Hatcher write.
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