{"id":123094,"date":"2022-12-20T03:00:20","date_gmt":"2022-12-20T11:00:20","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=123094"},"modified":"2023-07-17T00:50:27","modified_gmt":"2023-07-17T07:50:27","slug":"adaptive-reuse-apartments-2022","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/adaptive-reuse-apartments-2022\/","title":{"rendered":"Record Office-to-Apartment Conversions Registered as Adaptive Reuse Apartments Go Up 25% from Pre-Pandemic Numbers"},"content":{"rendered":"<ul>\n<li><em><strong>Adaptive reuse apartments are increasing faster than new apartments, up by 25% in the last 2 years compared to the pre-pandemic period.<\/strong><\/em><\/li>\n<li><em><strong>Apartment conversions from office buildings are at an all-time high, having made way for 11,000 apartments in just the last 2 years.<\/strong><\/em><\/li>\n<li><em><strong>There are 77,000 apartments under conversion, setting up the stage for a boom in adaptive reuse in the upcoming years.<\/strong><\/em><\/li>\n<\/ul>\n<p>In the last two years, apartment conversions jumped by 25% compared to two years prior. More precisely, this increasingly popular real estate niche brought a total of 28,000 new rentals in 2020-2021, well above the pre-pandemic years of 2018-2019 when 22,300 apartments were brought to life through adaptive reuse. Amid an ever-growing need for housing, adaptive reuse picked up speed in America\u2019s largest cities, according to the latest data from Yardi Matrix.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe id=\"datawrapper-chart-15F8w\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Converted Apartments from 2010 to 2021\" src=\"https:\/\/datawrapper.dwcdn.net\/15F8w\/4\/\" height=\"383\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span>\ufeff<\/span><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>So, to fully grasp how much adaptive reuse had grown in recent years, we compared the latest figures to the rate of growth in traditional <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/apartment-construction-2022\/\">new apartment construction<\/a>. Our analysis shows that adaptive reuse apartments were growing faster than new apartments \u2014 25% versus 10% \u2014 during the same timeframe.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe id=\"datawrapper-chart-0yWhR\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Changes in Completed Apartments versus Total Converted Apartments and Apartments Converted from Office\" src=\"https:\/\/datawrapper.dwcdn.net\/0yWhR\/7\/\" height=\"383\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n<\/script><\/p>\n<h2><\/h2>\n<h2>Office-to-Apartment Conversions Hit All-Time High<\/h2>\n<p>Office-to-apartment conversions increased even faster, a 43% jump during 2020-2021 compared to 2018-2019, from 7,762 to 11,090 apartments created from former offices. The total conversions in 2020-2021 represent an all-time high, the repurposing of office buildings through adaptive reuse taking an extraordinary leap not just in the last two years, but over the last decade as a whole, from the mere 2,700 apartments brought to life in 2010-2011. Former offices make up 40% of all adaptive-reuse conversions to rentals between 2020-2021, the highest share.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" id=\"datawrapper-chart-gRWB6\" style=\"border: none;\" title=\"Converted Apartments from Office 2010 - 2022\" src=\"https:\/\/datawrapper.dwcdn.net\/gRWB6\/1\/\" width=\"888\" height=\"450\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\"><\/iframe><\/p>\n<p><strong>\u201cThe residential market needs significantly more density in the areas of the largest cities, where the demand is greatest and where the tallest office buildings are located,\u201d <\/strong>said Doug Ressler, manager of business intelligence at Yardi Matrix.<strong> \u201cExisting building architecture is the critical starting point. Not all buildings are equally threatened by the work-from-home revolution. Larger office buildings in abandoned central business districts are better suited to conversion than the often-smaller office complexes distributed around the suburbs.\u201d<\/strong><\/p>\n<p aria-level=\"2\">What\u2019s more, adaptive reuse apartments are poised for impressive growth in the near future with over 77,000 apartments currently undergoing conversion. In fact, 8,300 apartments have already been converted and opened to the public this year as of July 2022.<\/p>\n<h2 aria-level=\"2\"><span data-contrast=\"none\">Washington, D.C. Leads in Number of Repurposed Buildings During Pandemic<\/span><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2>\n<p><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/washington-dc\/\">Washington, D.C.<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/philadelphia-pa\/\">Philadelphia<\/a> and Chicago became hotbeds for adaptive reuse between 2020-2021. These three major cities alone delivered 15% of the total apartment conversions nationwide.<\/p>\n<p><iframe loading=\"lazy\" id=\"datawrapper-chart-MK4vx\" style=\"border: none;\" title=\"Top 10 Cities by Most Converted Apartments \" src=\"https:\/\/datawrapper.dwcdn.net\/MK4vx\/9\/\" width=\"888\" height=\"435\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p>In first place, Washington, D.C. surpassed all other cities when it came to adaptive reuse during the first few years of the pandemic: The nation\u2019s capital opened a total of 1,565 apartments by repurposing old buildings \u2014 almost double the number converted here just two years prior. With that, Washington, D.C. holds almost 6% of total adaptive reuse projects in the U.S.<\/p>\n<p>Nearly matching Washington, D.C. in numbers, <a href=\"https:\/\/www.rentcafe.com\/blog\/apartmentliving\/philadelphia-scores-second-most-converted-apartment-buildings-in-the-us-85-in-7-decades\/\">Philadelphia maintained its track record<\/a> in conversion projects. The City of Brotherly Love transformed older buildings into 1,552 new apartments in the last two years after a previous all-time high of 1,854 between 2018-2019.<\/p>\n<p>Meanwhile, despite <a href=\"https:\/\/www.rentcafe.com\/blog\/apartmentliving\/90-converted-apartment-buildings-in-7-decades-make-chicago-the-u-s-adaptive-reuse-champ\/\">leading in total conversions in the last decade<\/a>, this time Chicago landed in third place with 1,139 apartments. The top five is rounded out by Cleveland and Pittsburgh with 837 and 814 converted apartments, respectively.<\/p>\n<h2>Office Buildings Remain the Dominant Building Type to Adapt,\u00a0But Smaller Niches Pick Up the Pace<\/h2>\n<p>The last two years certainly demonstrated the potential for creating new housing from offices. This type of building conversion dominated this time period by making up 40% of transformed units. However, with the rise of hybrid and remote work, developers are turning toward a different kind of makeover and choosing <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/real-estate-news\/live-work-play-developments\/\">live\/work\/play development<\/a> as a way to resuscitate office buildings.<\/p>\n<p><iframe id=\"datawrapper-chart-iYx7m\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Top Building Types Converted to Apartments in 2020-2021 \" src=\"https:\/\/datawrapper.dwcdn.net\/iYx7m\/10\/\" height=\"484\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Pie Chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();<\/script><\/p>\n<p>With 4,331 apartments, factories are the second-most sought-after conversion sources. Between 2020-2021, factories represented 16% of adaptive reuse projects. As manufacturing continues to shift overseas, many abandoned industrial spaces offer generous floorplans that make for a great transition to residential and mixed-use spaces.<\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">That said, smaller niches are also emerging and expanding at a fast pace. Surprisingly, conversions of healthcare buildings actually recorded the largest growth during the pandemic. In fact, apartments adapted from healthcare buildings more than tripled in 2020-2021 compared to 2018-2019, increasing by 212%. <\/span><\/p>\n<p><iframe id=\"datawrapper-chart-2JF4q\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Converted Apartments by Building Type\" src=\"https:\/\/datawrapper.dwcdn.net\/HD42N\/6\/\" height=\"505\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\"><\/iframe><\/p>\n<p>Interestingly, religious buildings take second place when it comes to popularity, with a 73% growth. A small niche that resulted in only 311 converted apartments between 2018-2019, religious buildings that were converted into residential spaces gave way to a total of 537 apartments in the past two years.<\/p>\n<p>Finally, with 3,573 apartments in 2020-2021, hotels remain one of the most popular building types to be converted into rentals, registering a 66% growth compared to 2018-2019. The straightforward transition from hotel rooms to apartments is one of the reasons hotels remain one of the primary sources for adaptive reuse.<\/p>\n<h2>Washington, D.C., Chicago Take Lead in Office-to-Apartment Conversions<\/h2>\n<p>Washington D.C. also leads in turning offices into rental apartments. Between 2020-2021, the nation\u2019s capital managed to convert 1,147 units from former office spaces. A trend that was\u00a0<a href=\"https:\/\/dc.urbanturf.com\/articles\/blog\/office-to-residential_conversions_pick_up_in_dc\/9479\">popular even before the pandemic<\/a>, adaptive reuse picked up the pace due to the significant number of vacant offices in the city\u2019s downtown.<\/p>\n<p><iframe loading=\"lazy\" id=\"datawrapper-chart-XsI8A\" style=\"border: none;\" title=\"Top Cities with Most Converted Apartments from Office 2020-2021 \" src=\"https:\/\/datawrapper.dwcdn.net\/XsI8A\/3\/\" width=\"888\" height=\"445\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\"><\/iframe><\/p>\n<p>At the same time, a total of 732 new <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/chicago-il\/\">apartments for rent in Chicago<\/a> were created through office conversions, with many more similar transformations to come. In particular, Chicago\u2019s downtown area seems to be the best spot to tackle adaptive reuse projects \u2014 and the perfect example for that is LaSalle Street. And, with Millennium on LaSalle as a benchmark for success, the City of Chicago is\u00a0<a href=\"https:\/\/chicago.suntimes.com\/2022\/9\/26\/23371392\/chicago-proposals-lasalle-street-renewal-development-business\">taking proposals<\/a>\u00a0to revitalize what used to be an important part of Chicago\u2019s Central Business District.<\/p>\n<p>Philadelphia is next on our list with 590 apartments resulting from office conversions. <a href=\"https:\/\/www.rentcafe.com\/apartments\/pa\/philadelphia\/1401-arch\/default.aspx\">One City at 1401 Arch St<\/a> is a prime example of Philadelphia\u2019s efforts to conserve and bring office buildings back to life in the form of rental apartments. The former headquarters of United Gas Improvement Company was awarded the <a href=\"https:\/\/hiddencityphila.org\/2021\/04\/op-ed-its-not-all-bad-saved-buildings-of-2020\/\">Preservation Achievement Award in 2020<\/a>.<\/p>\n<div class=\"magee-carousel multi-carousel  magee-shortcode carousel-r3ugf2\" id=\"\" data-columns=\"1\" data-autoplay=\"no\" data-autoplaytimeout=\"5000\" data-display-nav=\"yes\" data-pag-style=\"style1\">\r\n\t\t\t\t\t\t<div class=\"multi-carousel-inner\">\r\n\t\t\t\t\t\t\t<div class=\"owl-carousel owl-theme\"><\/p>\n<div class=\"item\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-123098 size-full\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/367431_One_City.jpg\" alt=\"office-to-apartment conversions\" width=\"1001\" height=\"1200\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/367431_One_City.jpg 1001w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/367431_One_City.jpg?resize=417,500 417w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/367431_One_City.jpg?resize=768,921 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/367431_One_City.jpg?resize=854,1024 854w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/367431_One_City.jpg?resize=150,180 150w\" sizes=\"auto, (max-width: 1001px) 100vw, 1001px\" \/><\/p>\n<p><em>Millennium on LaSalle, Chicago<\/em><\/p>\n<\/div>\n<div class=\"item\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-123097 size-full\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/20323_Millennium_on_LaSalle.jpg\" alt=\"adaptive reuse projects\" width=\"956\" height=\"1200\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/20323_Millennium_on_LaSalle.jpg 956w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/20323_Millennium_on_LaSalle.jpg?resize=398,500 398w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/20323_Millennium_on_LaSalle.jpg?resize=768,964 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/20323_Millennium_on_LaSalle.jpg?resize=816,1024 816w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/20323_Millennium_on_LaSalle.jpg?resize=150,188 150w\" sizes=\"auto, (max-width: 956px) 100vw, 956px\" \/><\/p>\n<p><em>One City, Philadelphia<\/em><\/p>\n<\/div>\n<p><\/div>\r\n\t\t\t\t\t\t<\/div><!-- Controls -->\r\n\t\t\t\t\t\t<div class=\"multi-carousel-nav style1 nav-bg  nav-circle\">\r\n\t\t\t\t\t\t\t<a href=\"javascript:;\" class=\"carousel-prev\" role=\"button\" data-slide=\"prev\">\r\n\t\t\t\t\t\t\t\t<span class=\"multi-carousel-nav-prev\"><\/span>\r\n\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t<a class=\"carousel-next\"  href=\"javascript:;\"  role=\"button\" data-slide=\"next\">\r\n\t\t\t\t\t\t\t\t<span class=\"multi-carousel-nav-next\"><\/span>\r\n\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t<\/div><\/div>\n<h2>77,000 Future Apartments Expected to Be Converted in the Next Few Years<\/h2>\n<p style=\"background: white;\"><span style=\"font-size: 13.0pt; font-family: 'Muli',serif; color: #333333;\">The promising future of adaptive reuse is reflected in the impressive number of projects expected in the coming years \u2014 serving as further confirmation of its rising popularity. To that end, Yardi Matrix data shows a total 77,100 future adaptive reuse apartments in various stages of conversion. Of these, some are already undergoing conversion and set to be completed in 2022 and later, while other projects are awaiting approval or are in the planning stages.<\/span><\/p>\n<p style=\"background: white; margin: 0in 0in 19.5pt 0in;\"><span style=\"font-size: 13.0pt; font-family: 'Muli',serif; color: #333333;\">When it comes to future projects, office conversions are projected to represent 28% of total apartments under conversion \u2014 the largest share of all building types under conversion, according to Yardi Matrix. Hotels represent the second-largest share (22% of future projects), while factories (that make up 16% of the total) are in third place.<\/span><\/p>\n<p>Granted, nowhere is the future development of adaptive reuse quite as noticeable as in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/los-angeles-ca\/\" rel=\"\">Los Angeles<\/a>. Here, a total of 4,130 apartments are expected to be created through conversions. Meanwhile, sporting considerably fewer upcoming projects, Cleveland, OH and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/buffalo-ny\/\">Buffalo, NY<\/a>\u00a0joined the City of Angels on the podium with 2,654 and 1,984 apartments, respectively.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" id=\"datawrapper-chart-PxK3P\" style=\"border: none;\" title=\"Top 20 Cities for Future Apartment Conversions\" src=\"https:\/\/datawrapper.dwcdn.net\/PxK3P\/5\/\" width=\"888\" height=\"671\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Map\"><\/iframe><\/p>\n<h2><strong>Los Angeles Leads in Apartment Conversions in the First Half of 2022<\/strong><\/h2>\n<p>In terms of conversions completed from January to June 2022, Los Angeles is the leading city with 1,242 apartments. This alone makes 2022 the best year ever for adaptive reuse in Los Angeles.<\/p>\n<p><strong>The top 10 cities with the most converted apartments in the first half of 2022 are:<\/strong><\/p>\n<table width=\"304\">\n<tbody>\n<tr>\n<td width=\"151\"><strong>City<\/strong><\/td>\n<td width=\"153\"><strong>Converted Apartments<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/los-angeles-ca\/\">Los Angeles, CA<\/a><\/td>\n<td width=\"153\">1,242<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/kissimmee-fl\/\">Kissimmee, FL<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">705<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/alexandria-va\/\">Alexandria, VA<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">648<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/honolulu-hi\/\">Honolulu, HI<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">500<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/richmond-va\/\">Richmond, VA<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">391<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/cleveland-oh\/\">Cleveland, OH<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">354<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/hialeah-fl\/\">Hialeah, FL<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">251<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/lakewood-co\/\">Lakewood, CO<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">218<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/indianapolis-in\/\">Indianapolis, IN<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">216<\/td>\n<\/tr>\n<tr>\n<td width=\"151\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/longmont-co\/\">Longmont, CO<\/a><\/td>\n<td style=\"text-align: left;\" width=\"153\">210<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<h3><em>Methodology<\/em><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span data-contrast=\"auto\">\u00a0<\/span><\/h3>\n<ul>\n<li><span data-contrast=\"auto\"><a href=\"https:\/\/www.rentcafe.com\/\"> RentCafe.com<\/a> is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States. This report was compiled by the RentCafe research team based on apartment data provided by our sister company, <a href=\"https:\/\/www.yardimatrix.com\/\">Yardi Matrix<\/a>.<\/span><\/li>\n<li><span data-contrast=\"auto\"> Adaptive reuse refers to repurposing an existing building into rental apartments. This study is based on apartment data related to buildings containing 50 or more units.<\/span><\/li>\n<li><span data-contrast=\"auto\"> For this study, we analyzed the number of apartment conversions grouped in 2-year periods as follows: 2010-2011, 2012-2013, 2014-2015, 2016-2017, 2018-2019, and 2020-2021.<\/span><\/li>\n<li><span data-contrast=\"auto\">2022 conversion completions include only units in finalized projects in the first six months of the year.\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"> Future projects include projects that are under conversion, as well as planned and prospective redevelopment.<\/span><\/li>\n<li><span data-contrast=\"auto\">Data are valid as of July 2022 and are subject to change.\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"> Yardi Matrix defines completed buildings as those that have received a certification of occupancy, while those under conversion have yet to receive it or are currently being developed. Planned projects are actively engaged in the redevelopment approval process, while prospective redevelopments hold lower status in the probability of completion because they remain subject to entitlement approvals.<\/span><\/li>\n<li><span data-contrast=\"auto\">Images courtesy of Yardi Matrix. All building photos are used with expressed permission from Yardi Matrix.<\/span><\/li>\n<\/ul>\n<h2>Fair use and redistribution<\/h2>\n<p>We encourage you and freely grant you permission to reuse, host, or repost the research, graphics, and images presented in this article. When doing so, we ask that you credit our research by linking to\u00a0<a href=\"https:\/\/www.rentcafe.com\/\" target=\"_blank\" rel=\"external noopener\" data-wpel-link=\"external\">RentCafe.com<\/a>\u00a0or this page, so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at\u00a0<a href=\"mailto:media@rentcafe.com\">media@rentcafe.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adaptive reuse apartments are increasing faster than new apartments, up by 25% in the last 2 years compared to the pre-pandemic period. Apartment conversions from office buildings are at an all-time high, having made way for 11,000 apartments in just the last 2 years. There are 77,000 apartments under conversion, setting up the stage for&hellip;<\/p>\n","protected":false},"author":2611,"featured_media":123102,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3661],"tags":[],"class_list":["post-123094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-snapshots","gallery-content-unit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apartment Conversions Up 25% from Pre-Pandemic Numbers - RentCafe<\/title>\n<meta name=\"description\" content=\"Apartment conversions from office buildings are at an all-time high, having made way for 11,000 apartments in just the last 2 years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/adaptive-reuse-apartments-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record Office-to-Apartment Conversions Registered as Adaptive Reuse Apartments Go Up 25% from Pre-Pandemic Numbers\" \/>\n<meta property=\"og:description\" content=\"Apartment conversions from office buildings are at an all-time high, having made way for 11,000 apartments in just the last 2 years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/adaptive-reuse-apartments-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"RentCafe rental blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-20T11:00:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-17T07:50:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2022\/10\/MicrosoftTeams-image-16.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Andreea Neculae\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andreea Neculae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/adaptive-reuse-apartments-2022\/\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/adaptive-reuse-apartments-2022\/\",\"name\":\"Apartment Conversions Up 25% from Pre-Pandemic Numbers - 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