Office-to-apartment conversions keep rising

Data: RentCafe analysis of Yardi Matrix data; Note: Includes under construction, planned and prospective conversions for apartment buildings with at least 50 units; Chart: Axios VisualsThe pipeline for new apartments in old offices is growing.Why it matters: Converting offices is easier said than done, but cities and developers see it as one of the best ways to reduce vacancies while adding housing.Between the lines: Such flips take time, money, and, often, government help.Developers completed less than 7% of office-to-apartment units underway in 2024, pushing most into 2025, according to a recent RentCafe report.Meanwhile, thousands of new conversions have been proposed.Data: RentCafe analysis of Yardi Matrix data; Note: Includes under construction, planned and prospective conversions for apartment buildings with at least 50 units; Chart: Axios VisualsWhat's next: The New York, Washington, D.C., and Los Angeles metros are set to see the most office-to-apartment conversions in the coming years, per the report.Go deeper: How old schools are turning into homes

Data: RentCafe analysis of Yardi Matrix data; Note: Includes under construction, planned and prospective conversions for apartment buildings with at least 50 units; Chart: Axios VisualsThe pipeline for new apartments in old offices is growing.Why it matters: Converting offices is easier said than done, but cities and developers see it as one of the best ways to reduce vacancies while adding housing.Between the lines: Such flips take time, money, and, often, government help.

Developers completed less than 7% of office-to-apartment units underway in 2024, pushing most into 2025, according to a recent RentCafe report.Meanwhile, thousands of new conversions have been proposed.Data: RentCafe analysis of Yardi Matrix data; Note: Includes under construction, planned and prospective conversions for apartment buildings with at least 50 units; Chart: Axios VisualsWhat's next: The New York, Washington, D.

C., and Los Angeles metros are set to see the most office-to-apartment conversions in the coming years, per the report.Go deeper: How old schools are turning into homes.