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Struggling office districts have emerged as a major economic and urban planning challenge for cities across the country.
As older, Class-B and C office buildings become emptier and owners have less money to put into them, they become a drag on the surrounding area while contributing little to the tax base.
The question for cities across the country today is how to pivot these buildings into productive and vibrant uses — a mission that has proven difficult for private developers to spearhead in a tight financing environment.
The solution may be for local governments to take a more active role in incentivizing conversions and even buying distressed properties themselves, several developers and downtown business advocates say.
