This year, a record-breaking number of office-to-residential conversions are scheduled for redevelopment. The latest RentCafe annual Adaptive Reuse report shows that there are 55,300 units in the pipeline as of 2024—four times as much compared to 2021.
Office building conversions represent 38% of the 147,000 residential adaptive reuse projects. This makes up the largest share with hotel-to-res following at 24 percent, factory conversions at 13 percent, and healthcare buildings at 6 percent.
The office buildings being picked for conversion are, on average, 72 years old (20 years younger than many of the ones previously converted). This suggests a preference for newer buildings that require less refurbishment and investment to meet modern standards.
Where are the most office-to-res conversions taking place? According to the report, Washington, D.C., is the leading metropolitan area with 5,820 units slated for conversion starting this year. New York, N.Y., follows closely behind at 5,215 units, and Dallas, Texas, takes third place with 3,163 units.
The top 10 metros for office-to-res conversions in 2024
1. Washington, D.C.
5,820 units under conversion for office-to-residential (year-over-year increase of 88%).
2. New York, N.Y.
5,215 units under conversion for office-to-residential (year-over-year increase of 18%).
3. Dallas, Texas
3,163 units under conversion for office-to-residential (year-over-year increase of 58%).
4. Chicago, Ill.
2,822 units under conversion for office-to-residential (year-over-year increase of -9%).
5. Los Angeles, Calif.
2,442 units under conversion for office-to-residential (year-over-year increase of 6%).
6. Cleveland, Ohio
2,012 units under conversion for office-to-residential (year-over-year increase of -10%).
7. Cincinnati, Ohio
1,563 units under conversion for office-to-residential (year-over-year increase of -6%).
8. Kansas City, Mo.
1,510 units under conversion for office-to-residential (year-over-year increase of 84%).
9. Atlanta, Ga.
1,422 units under conversion for office-to-residential (year-over-year increase of 40%).
10. Phoenix, Ariz.
1,377 units under conversion for office-to-residential (year-over-year increase of 114%).
Related Stories
Adaptive Reuse | Jul 6, 2023
The responsibility of adapting historic university buildings
Shepley Bulfinch's David Whitehill, AIA, believes the adaptive reuse of historic university buildings is not a matter of sentimentality but of practicality, progress, and preservation.
Multifamily Housing | Jun 19, 2023
Adaptive reuse: 5 benefits of office-to-residential conversions
FitzGerald completed renovations on Millennium on LaSalle, a 14-story building in the heart of Chicago’s Loop. Originally built in 1902, the former office building now comprises 211 apartment units and marks LaSalle Street’s first complete office-to-residential conversion.
Multifamily Housing | May 23, 2023
One out of three office buildings in largest U.S. cities are suitable for residential conversion
Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.
Multifamily Housing | May 16, 2023
Legislators aim to make office-to-housing conversions easier
Lawmakers around the country are looking for ways to spur conversions of office space to residential use.cSuch projects come with challenges such as inadequate plumbing, not enough exterior-facing windows, and footprints that don’t easily lend themselves to residential use. These conditions raise the cost for developers.
Sustainability | May 11, 2023
Let's build toward a circular economy
Eric Corey Freed, Director of Sustainability, CannonDesign, discusses the values of well-designed, regenerative buildings.
Office Buildings | May 4, 2023
In Southern California, a former industrial zone continues to revitalize with an award-winning office property
In Culver City, Calif., Del Amo Construction, a construction company based in Southern California, has completed the adaptive reuse of 3516 Schaefer St, a new office property. 3516 Schaefer is located in Culver City’s redeveloped Hayden Tract neighborhood, a former industrial zone that has become a technology and corporate hub.
Libraries | Mar 26, 2023
An abandoned T.J. Maxx is transformed into a new public library in Cincinnati
What was once an abandoned T.J. Maxx store in a shopping center is now a vibrant, inviting public library. The Cincinnati & Hamilton County Public Library (CHPL) has transformed the ghost store into the new Deer Park Library, designed by GBBN.
Affordable Housing | Mar 8, 2023
7 affordable housing developments built near historic districts, community ties
While some new multifamily developments strive for modernity, others choose to retain historic aesthetics.
Adaptive Reuse | Mar 5, 2023
Pittsburgh offers funds for office-to-residential conversions
The City of Pittsburgh’s redevelopment agency is accepting applications for funding from developers on projects to convert office buildings into affordable housing. The city’s goals are to improve downtown vitality, make better use of underutilized and vacant commercial office space, and alleviate a housing shortage.
Giants 400 | Feb 6, 2023
2022 Reconstruction Sector Giants: Top architecture, engineering, and construction firms in the U.S. building reconstruction and renovation sector
Gensler, Stantec, IPS, Alfa Tech, STO Building Group, and Turner Construction top BD+C's rankings of the nation's largest reconstruction sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.