Sure, there's a bit of playing chicken with your competition.

If you and every other office owner are in the same boat, the question is do you convert first and lose less money waiting, maybe get more incentives, tap into the housing market when supply is still tight, or do you wait till your competitors do it and remove their office inventory from the market, maybe making yours more attractive again.

I think market dynamics have their faults but they're pretty good at finding that balance through pricing pressure, so I don't actually see this dilemma as a major concern. Or at least, it's not a reason to move forward with these conversions as an option.