Courtesy of RentCafe.
Over 55,000 offices are scheduled to be converted to apartments in 2024 — and that number has more than quadrupled since 2021.
According to a new report from RentCafe, a hefty portion of those soon-to-be apartment units are concentrated in Atlanta. The rental analysis website looked at adaptive-reuse projects across the United States and found that Atlanta ranks No. 9 in the country for office-to-apartment conversions this year.
Former office spaces in Atlanta are slated to be turned into 1,422 apartments in 2024 — that’s a 40% increase year over year. One notable project is the Broadstone Peachtree Corners mixed-use development in Gwinnett County, which will add 295 units to the metro Atlanta apartment inventory. Looking ahead, another 2,713 apartments are slated to be converted from existing office space.
The top three cities for apartment conversions in 2024 are Washington, D.C., which will convert 5,820 apartment units, New York, which will convert 5,215, and Dallas, which will convert 3,163.
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