Offices Converted to Multifamily

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Office Conversion

Viktorie Miksatkova October 15, 2024

Office-to-Residential Conversions Surge

Frank and Viktorie’s research show a nearly fourfold increase in apartments converted from office space over the past four years—from 12,100 units in 2021 to 55,300 units at the start of this year. This trend is driven by:

Office sector struggles and maturing mortgages prompting investors to reduce exposure.
Robust housing demand with a supply deficit of 1.5 to 2 million units.
Federal and local incentives supporting conversions.

Cities leading in conversions include Philadelphia and Phoenix, with significant year-over-year increases. Washington D.C., New York, and Dallas also top the list, highlighting a national trend toward adaptive reuse of office spaces.

For more insights and support in multifamily and commercial investments, contact Frank (310) 503-4158 or Viktorie (424) 301-0075 at The Ponce Real Estate Group.

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