Your old office could become someone’s new apartment: Around 41% of converted apartments built in the past two years, or 13,250 units, are from old offices, according to a report by apartment research site RentCafe .

The trend has accelerated over the past decade and may further increase as remote working takes off in the aftermath of the pandemic. Office vacancy rates remain high as employers plan to reduce their physical footprint and real estate developers must transform vacant spaces. Meanwhile, adaptive reuse, or repurposing an existing building for something new, can minimize the environmental impacts of construction, cost less money, take less time, and create more housing in some of the cities. most expensive in the United States.

Going forward, about a quarter of apartment conversions planned for 2022 and beyond will take place in old office buildings, according to RentCafe.

Here are the top 10 cities where old offices are turned into apartments in 2020 and 2021, plus how much it costs to rent there, according to RentCafe and based on data from its sister company Yardi Matrix, a commercial real estate data company.

1. Washington, DC

Number of office-to-apartment conversions: 1,091

Average rent in town: $ 2,160 per month

Office building turned into apartments: The Wray, previously occupied by the State Department since the start of WWII

The Wray in Washington, DC

Courtesy of The Wray

2. Chicago

Number of office to apartment conversions: 1,020

Average rent in town: $ 2,059 per month

Remarkable office building turned into apartments: Millennium On LaSalle, a 13-story office building more recently known as Barrister Hall

3. Alexandria, Virginia

Number of office to apartment conversions: 955

Average rent in town: $ 1,902 per month

Remarkable office building transformed into apartments: La Fonderie, a mixed-use building with a dining room, a coworking space and 520 apartment units

4. Los Angeles

Number of office to apartment conversions: 904

Average rent in town: $ 2,518 per month

Remarkable office building turned into apartments: The Mayer Building, an LA Art Deco landmark that will be converted into affordable housing

5. Cleveland

Number of office to apartment conversions: 652

Average rent in town: $ 1,172 per month

Remarkable office building turned into apartments: Terminal Tower, a 52-story skyscraper that was the tallest building in the world outside of New York City when it was completed in the 1930s

The terminal tower rises behind the public park in downtown Cleveland, Ohio on Tuesday. June 7, 2016.

Michael Macor | San Francisco Chronicle / Hearst Newspapers | Getty Images

6. Philadelphia

Number of office to apartment conversions: 591

Average rent in town: $ 1,736 per month

Remarkable office building turned into apartments: Lyndon at the Curtis, which previously housed offices for the Saturday Evening Post and the Ladies Home Journal

Lyndon at the Curtis in Philadelphia.

Barry Halkin | Halkin Mason Photography

7. Honolulu

Number of office to apartment conversions: 571

Average rent in town: $ 1,943 per month

Office building transformed into apartments: The Residences at Bishop Place, a 493-unit high-rise building in the city’s financial district

8. Nashville, Tennessee

Number of office to apartment conversions: 458

Average rent in town: $ 1,581 per month

Remarkable office building converted into apartments: Lofts at the Reserve, formerly the Nashville branch of the Federal Reserve Bank of Atlanta

9. Union, New Jersey

Number of office to apartment conversions: 415

Average rent in town: $ 1,557 per month

Office building transformed into apartments: The Titan Union, formerly Union Center National Bank, now houses apartments, a coworking space and a reception hall

10. Hyattsville, Maryland


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