In a trend that began in the 2010s, cities are converting unused office buildings into apartments. This trend has picked up in the past couple years because of vacancies due to the pandemic.
According to CNBC, roughly 41% of converted apartments built in the last two years, or 13,250 units, have come out of ex-offices.
Office vacancy rates remain high as employers plan to reduce their physical footprint and real estate developers have to 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 most expensive cities across the U.S.