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 | Jul 27, 2017
Apartment market index: Business conditions soften, but still solid
Despite some softness at the high end of the apartment market, demand for apartments will continue to be substantial for years to come, according to the National Multifamily Housing Council.
Multifamily Housing | Jul 27, 2017
Game rooms and game simulators popular amenities in multifamily developments
The number of developments providing space for physical therapy was somewhat surprising, according to a new survey.
Multifamily Housing | Jul 25, 2017
Co-living arrives in Queens: Common adds two new co-living homes
Common adds a new coliving home in Brooklyn and its first offering in Queens with Common Lincoln and Common Cornelia.
Multifamily Housing | Jul 19, 2017
Student housing trends: The transformation of co-living in college
The Student Hotel is representative of a new model for delivering housing solutions for students globally.
Multifamily Housing | Jul 19, 2017
KTGY-designed Elan Menlo Park nears completion
The 146-unit apartment community was designed as a series of six interactively connected garden-style apartments.
Multifamily Housing | Jul 12, 2017
Midyear Rent Report: 26 states saw rental price increases in first half of 2017
The most notable rental increases are in growing markets in the South and Southwest: New Orleans, Glendale, Ariz., Houston, Reno, N.V., and Atlanta.
Multifamily Housing | Jul 12, 2017
7 noteworthy multifamily projects: posh amenities, healthy living, plugged-in lifestyle
Zen meditation gardens, bocce courts, saltwater pools, and free drinks highlight the niceties at these new multifamily developments.
Mixed-Use | Jul 7, 2017
ZHA’s Mandarin Oriental hotel and residences employs ‘stacked vases’ design approach
The mixed-use tower will rise 185 meters and be located in Melbourne's Central Business District.
Multifamily Housing | Jun 28, 2017
Renters don’t just want nice apartments; they want communities packed with amenities
Based on a survey from the National Apartment Association, the most popular amenities are the ones that bring the community together.
