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Business, 24.02.2020 21:25 aprilreneeclaroxob0c

In many cities, firms that own office buildings can renovate them for use as residential apartments. According to a news story, in many cities "residential rents are surpassing office rents." Source: Eliot Brown, "Developers Turn Former Office Buildings Into High-End Apartments," Wall Street Journal, May 7, 2014. The response to an increase in residential rents would be A. a decrease in the supply of office space, shifting it to the right. B. an increase in the supply of office space, shifting it to the left. C. an increase in the supply of office space, shifting it to the right. D. a decrease in the supply of office space, shifting it to the left.

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