A new report from Rentcafe says the wave of adaptive reuse projects is accelerating at a record pace. In 2024 the number of apartments resulting from converted buildings came in around 25k – which is 50% more than the units delivered the year before and double the figures from 2022. In addition they say there are nearly 181,000 apartments now being converted, mostly from office space.
Some key takeaways:
- Chicago replaced Manhattan as the top city for apartments from repurposed buildings, but the New York City borough leads in office conversions.
- Hotels were, once again, the top category for adaptive reuse projects last year while office conversions accounted for nearly one quarter of all new units.
- A record-breaking 181k apartments are now in various stages of development across the nation, mostly from office spaces — up 19% compared to last year.
Click here to read the full report at RentCafe.
