Will converting Denver offices to apartments solve housing shortfall?

Denver’s mayoral candidates, as well as Mayor Michael Hancock’s administration, have emphasized converting underused office buildings into apartments or condos as an important way to address the city’s housing shortfall and revitalize the downtown area.

The idea represents a “kill two birds with one stone” solution. The pandemic reduced the number of people working in offices, which has caused vacancy rates to soar and mortgage loans to go into default. At the same time, Denver has struggled with some of the biggest home price and rent gains seen in any city outside of California.

“While many employers have embraced hybrid work policies, commercial offices are unlikely to return fully to the way they were pre-pandemic. The city believes there is an opportunity here to help…