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
Affordable Housing | Mar 11, 2024
Los Angeles’s streamlined approval policies leading to boom in affordable housing plans
Since December 2022, Los Angeles’s planning department has received plans for more than 13,770 affordable units. The number of units put in the approval pipeline in roughly one year is just below the total number of affordable units approved in Los Angeles in 2020, 2021, and 2022 combined.
MFPRO+ Special Reports | Mar 6, 2024
Top 10 trends in senior living facilities for 2024
The 65-and-over population is growing faster than any other age group. Architects, engineers, and contractors are coming up with creative senior housing solutions to better serve this burgeoning cohort.
MFPRO+ News | Mar 2, 2024
Job gains boost Yardi Matrix National Rent Forecast for 2024
Multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07 percent, shows a new special report from Yardi Matrix.
MFPRO+ News | Mar 1, 2024
Housing affordability, speed of construction are top of mind for multifamily architecture and construction firms
The 2023 Multifamily Giants get creative to solve the affordability crisis, while helping their developer clients build faster and more economically.
MFPRO+ Research | Feb 28, 2024
New download: BD+C's 2023 Multifamily Amenities report
New research from Building Design+Construction and Multifamily Pro+ highlights the 127 top amenities that developers, property owners, architects, contractors, and builders are providing in today’s apartment, condominium, student housing, and senior living communities.
Affordable Housing | Feb 26, 2024
Biden-Harris Administration announces historic homelessness assistance funding
The Biden-Harris Administration allocation of $3.16 billion in homelessness assistance funding will be administered by the U.S. Department of Housing and Urban Development through the Continuum of Care Program.
Designers | Feb 23, 2024
Coverings releases top 2024 tile trends
In celebration of National Tile Day, Coverings, North America's leading tile and stone exhibition, has announced the top 10 tile trends for 2024.
MFPRO+ Special Reports | Feb 22, 2024
Crystal Lagoons: A deep dive into real estate's most extreme guest amenity
These year-round, manmade, crystal clear blue lagoons offer a groundbreaking technology with immense potential to redefine the concept of water amenities. However, navigating regulatory challenges and ensuring long-term sustainability are crucial to success with Crystal Lagoons.
Building Tech | Feb 20, 2024
Construction method featuring LEGO-like bricks wins global innovation award
A new construction method featuring LEGO-like bricks made from a renewable composite material took first place for building innovations at the 2024 JEC Composites Innovation Awards in Paris, France.
