“A major realignment [is] taking place in cities across the U.S. as landlords repurpose their buildings from spaces where people work to spaces where they sleep. In the process, the traditional economic relationship between residential and commercial real estate is turning upside down.  At the end of 2013, the U.S. apartment vacancy rate stood at 4.1%—the lowest since the end of the dot-com boom in the early 2000s, and below its 5.7% average rate since 1980. Meanwhile, the office vacancy rate was 16.7%—only a nudge down from the 17.6% post-economic crisis high reached in 2010 and well above its average of 14.9% since 1980.”

http://online.wsj.com/news/articles/SB10001424052702303626804579506073419741570

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