From 2021 to 2024, the number of apartments scheduled for conversion from old office spaces increased from 12,100 to 55,339, according to RentCafe.
Key metros such Chicago, Dallas, Los Angeles, Seattle, and Washington, D.C., are leading the future trend of urban redevelopment.
The Washington-Arlington-Alexandria metro area has the most conversions, totaling 5,820 units set to transition from office-to-apartment spaces, representing a 64.5 percent share of the area's total conversions. That area is followed by New York City, with 5,215 units in the office-to-apartment pipeline. These conversions make up 45.4 percent of the metro's future apartment projects, with an 18 percent uptick since the previous year.
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