A record number of office buildings will be converted into apartments in 2024

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A record number of office buildings will be converted into apartments in 2024, per NYP.Developers are poised to undertake a historic surge in repurposing aging office buildings into apartments this year, driven by the widespread adoption of remote work, which has led to increased vacancy rates in commercial spaces across U.S. cities.A recent study by RentCafe, an apartment listing service, reveals that in 2023, over 55,300 housing units will be created by transforming office buildings, marking a more than fourfold increase from 2021. Despite the 22% year-over-year growth being relatively modest compared to the preceding two years, the trend is expected to persist, according to Doug Ressler, Business Intelligence Manager at Yardi Matrix, a sister company of RentCafe.The growth rate for such conversions has slightly decelerated this year due to elevated financing costs and extended lead times associated with zoning and permitting processes. However, Ressler notes that local and state governments are increasingly encouraging these conversions, particularly as a rising number of office spaces remain unoccupied amid the embrace of hybrid work and preferences for more modern and efficient office spaces post-pandemic.The Washington, D.C., metropolitan area is leading this transformative trend in 2023, with plans to convert office spaces into 5,820 apartment units, signifying an 88% increase from the previous year. Following closely is the New York metro area, where 5,215 new apartments are planned in former office spaces. A significant contributor to New York’s growth is the conversion of 25 Water Street in Manhattan, previously a JPMorgan &amp; Chase Co. outpost, into 1,263 apartments, making it the largest project of its kind in the country.Dallas, ranking third, is notable for having 83% of its conversions, totaling 3,163 housing units, derived from offices— the highest share among the top cities. The city experienced the highest job growth over the past year, adding nearly 140,000 jobs in November 2023.In fourth place, despite a 9% decline from the previous year, is Chicago. The city's largest project, at 135 South LaSalle St., is set to yield around 430 units, comprising roughly a third of the city’s total from former corporate buildings.