As Class-B and C offices empty out, owners are getting increasingly nervous. Most dream of giving their buildings a new life by converting them to apartments, especially in a city like New York, where residential vacancy is at a 50-year low. Others are wrestling with the wrecking ball. “A pretty high percentage of those buildings won't have a future,” said Peter Bafitis, managing principal at architecture firm RKTB. “[Pre-World War II] buildings lend themselves better to residential, but you’re going to have quite a few of the massive floor plate buildings after World War II. What do you do with them?” 
Approximately 20% of Manhattan office space was available at the end of last quarter, according to Avison Young. However, that percentage is less than other parts of the country like San Francisco, where vacancy has exceeded 30%. Leasing volume has increased in recent months as tenants fall into their… Read the full story here. | 
