Posts Tagged: Conversions

New Apartments Coming to Center City

New Apartments Coming to Center City

Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply. By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects… Read more »

Tax Panel Proposes 20-Year Break for Office Conversions

Tax Panel Proposes 20-Year Break for Office Conversions

Philadelphia’s Tax Reform Commission proposes a temporary 20-year tax abatement to encourage converting distressed office buildings for new uses. The recommendation, doubling the current 10-year abatement, is part of a 29-page report analyzing the city’s tax structure. The report also calls for a $15 minimum wage, phasing out the Business Income and Receipts Tax (BIRT),… Read more »