Vermont Faces Slow Progress in Converting Empty Office Spaces to Housing Amidst Persistent Shortage
Vermont is experiencing a significant challenge in converting vacant office spaces into much-needed housing, despite ongoing discussions and a persistent statewide housing shortage. While there has been some reduction in office space vacancies in areas like Chittenden County, largely due to companies like BETA Technologies occupying available spaces, the actual conversion into residential units has been minimal. Yves Bradley, Principal at V/T Commercial, noted that while a property on Lawson Lane in Burlington was acquired for this purpose, little action has followed. The high cost of housing construction, approaching $375.00 per square foot for multi-family buildings, makes such conversions financially difficult, often requiring public/private financing to be viable. The state still needs approximately 28,000 additional homes by 2030, with current production trends only meeting about half of this demand. This situation is exacerbated by elevated interest rates and inflation, which further complicate finan...
