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
MFPRO+ News | Jan 8, 2024
Canada turns to 1940s strategy to speed up housing construction
To address a severe housing shortage, Prime Minister Justin Trudeau’s administration has begun a housing construction strategy pioneered in the years after World War 2. The government aims to use a catalog of pre-approved home designs to reduce the cost and time to construct homes.
MFPRO+ News | Jan 4, 2024
Bjarke Ingels's curved residential high-rise will anchor a massive urban regeneration project in Greece
In Athens, Greece, Lamda Development has launched Little Athens, the newest residential neighborhood at the Ellinikon, a multiuse development billed as a smart city. Bjarke Ingels Group's 50-meter Park Rise building will serve as Little Athens’ centerpiece.
MFPRO+ News | Jan 2, 2024
New York City will slash regulations on housing projects
New York City Mayor Eric Adams is expected to cut red tape to make it easier and less costly to build housing projects in the city. Adams would exempt projects with fewer than 175 units in low-density residential areas and those with fewer than 250 units in commercial, manufacturing, and medium- and high-density residential areas from environmental review.
MFPRO+ News | Dec 22, 2023
Document offers guidance on heat pump deployment for multifamily housing
ICAST (International Center for Appropriate and Sustainable Technology) has released a resource guide to help multifamily owners and managers, policymakers, utilities, energy efficiency program implementers, and others advance the deployment of VHE heat pump HVAC and water heaters in multifamily housing.
Giants 400 | Dec 20, 2023
Top 100 Apartment and Condominium Construction Firms for 2023
Clark Group, Suffolk Construction, Summit Contracting Group, and McShane Companies top BD+C's ranking of the nation's largest apartment building and condominium general contractors and construction management (CM) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Giants 400 | Dec 20, 2023
Top 70 Apartment and Condominium Engineering Firms for 2023
Kimley-Horn, WSP, Tetra Tech, and Thornton Tomasetti head BD+C's ranking of the nation's largest apartment building and condominium engineering and engineering/architecture (EA) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Giants 400 | Dec 20, 2023
Top 160 Apartment and Condominium Architecture Firms for 2023
Gensler, Humphreys and Partners, Solomon Cordwell Buenz, and AO top BD+C's ranking of the nation's largest apartment building and condominium architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Giants 400 | Dec 20, 2023
Top 40 Student Housing Construction Firms for 2023
Findorff, Juneau Construction, JE Dunn Construction, and Weitz Company top BD+C's ranking of the nation's largest student housing facility general contractors and construction management (CM) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Giants 400 | Dec 20, 2023
Top 30 Student Housing Engineering Firms for 2023
Kimley-Horn, Wiss, Janney, Elstner Associates, KPFF Consulting Engineers, and Olsson head BD+C's ranking of the nation's largest student housing facility engineering and engineering/architecture (EA) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Giants 400 | Dec 20, 2023
Top 90 Student Housing Architecture Firms for 2023
Niles Bolton Associates, Solomon Cordwell Buenz, BKV Group, and Humphreys and Partners Architects top BD+C's ranking of the nation's largest student housing facility architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
