A Major Silver Lining-Office To Apartment Conversions Up 400%!

According to an article published January 22,  2024 in Biznow, office conversions to apartments has risen to over 55,000,”four times higher than the 12,100 conversions in 2021. Looking forward, about 147,000 apartments are on the way in future adaptive reuse projects’,  according to the RentCafe report. Washington D.C. is at the top, with 5,820 apartments, followed by New York City with 5,215, Dallas at 3,163, Chicago at 2,822 and Los Angeles at 2,442. What happened to San Francisco? “The average age of office buildings being transformed into rentals this year is 72 years, which is about 20 years younger than those previously converted prior to 2021.”