Trend Alert: Adaptive Reuse
According to a recent story in GlobeSt.com, apartment conversions doubled last year to more than 20,000 units. Prior to 2021 conversions had topped out at less than 12,000.
More than a third of these projects involved old office buildings, with particularly hot markets in Philadelphia, Washington DC, Cleveland, and Chicago.
The trend was already in play before the pandemic in NYC, partially due to the cost-effectiveness of renovations over new construction. Analysts say that a shortage of multifamily housing, high rents, and downsizing offices during the pandemic, combined with the growing inventory of older and underused buildings are fueling the trend this year.
The collapse of the hospitality industry during the pandemicset the stage for a flurry of hotel redevelopments.
For more on this topic, read the entire article HERE.