As remote work rose and demand for office space declined since the start of the Covid-19 pandemic, developers have found converting some offices to residential use to be an attractive option.
Apartment conversions rose 25% in the two years since the start of the pandemic, with 28,000 new units converted from other property types, according to a report from RentCafe. By comparison, new apartment volume rose just 10% over the same period.
Of the total number of conversions, 11,090 new units are the result of office-to-apartment conversions, which have risen more than 40% between 2020 and 2021, representing an all-time high. An additional 77,000 adaptive reuse units are currently being converted.
Washington, D.C., leads the nation in most apartment conversions, with 1,565 new adaptive reuse units in 2020 and 2021—more than double the amount between 2018 and 2019. Overall, Washington, D.C., has 5.6% of the total adaptive reuse projects in the U.S.
Related Stories
Multifamily Housing | Apr 3, 2019
New multifamily development rises in Summerville’s Nexton mixed-use community
The new complex offers easy access to I-26.
Multifamily Housing | Mar 24, 2019
New York’s largest office-to-condo conversion nearing completion
One Wall Street will feature 100,000 sf of amenities and a three-level Whole Foods.
Multifamily Housing | Mar 18, 2019
New luxury multifamily development set to bring 254 units to the Maryland suburbs
Dwell Design Studios is designing the project.
Multifamily Housing | Mar 15, 2019
Portland’s new affordable housing development includes units for families transitioning out of homelessness
Salazar Architect is designing the building.
Building Tech | Mar 13, 2019
Almost everything you wanted to know about industrial construction
Our experts offer 15 tips on how best to perform factory-based construction.
Multifamily Housing | Mar 11, 2019
Kaiser Permanente takes aim at reducing chronic homelessness
Initiatives include a multimillion-dollar investment fund, and collaborating with a group that works with communities to house the unsheltered.
Multifamily Housing | Mar 6, 2019
MLK Plaza brings 167 units of affordable housing to the Bronx
The project was financed by the City’s ELLA program.
Multifamily Housing | Feb 26, 2019
275-unit residential building under construction at 2111 S. Wabash
Solomon Cordwell Buenz is designing the project.
Hotel Facilities | Feb 4, 2019
31-story YotelPAD Miami combines 222 hotel rooms and 231 condominiums
YotelPAD is a new brand by Yotel.
