"Last year, nearly 25,000 apartments were completed via adaptive reuse, up 50% compared to 2023 and double the amount of such conversions in 2022. A record-breaking 180,585 apartments from adaptive reuse projects are in various stages of development across the nation, mostly from office spaces up 19% compared to last year, according to RentCafe. This strong redevelopment activity indicates that major cities are actively transforming underperforming properties, revitalizing neighborhoods and continuing to adapt to the era of remote work, per the report."
"More than 9,100 of the 24,700 apartments completed through adaptive reuse last year came from repurposed hotels an all-time high and a 46% increase over 2023. This resurgence was driven by slimmer profit margins, rising operating costs, uneven demand and a variety of other economic factors, all of which have compelled some hotel owners to sell. Office conversions were still strong, though, and 7 out of 10 new converted apartments delivered in 2024 came from class A buildings,"
Nearly 25,000 apartments were completed via adaptive reuse in 2024, a 50% increase from 2023 and double the 2022 total. Approximately 180,585 adaptive reuse apartments are in development nationwide, a 19% year-over-year rise driven largely by office-to-apartment projects. Hotels supplied over 9,100 completed converted units, a 46% increase, influenced by slimmer profit margins, rising operating costs, and uneven demand prompting sales. Office-to-apartment conversions favored newer class A buildings, which accounted for seven out of ten delivered units, while conversions from lower-amenity offices were far less common. School-to-apartment projects expanded rapidly as well.
Read at www.multifamilydive.com
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