Record 70,700 Office-to-Apartment Conversions to Hit Market This Year: Report

Office buildings, which make up the heart of midtown Manhattan, stand largely empty in New York City, on March 4, 2021. Spencer Platt/Getty Images

While the U.S. housing market is still falling short of demand by 4 million to 5 million properties, the office-to-apartment conversion industry is making a little headway to help alleviate the problem. This year alone, a record-breaking 70,700 apartments are expected to be created from vacant office space nationwide.

A new report from RentCafe indicates that office conversions now comprise almost 42 percent of some 169,000 apartments in adaptive reuse projects.