05/26/2026
The office conversion pipeline continues to grow, and the markets getting ahead are the ones using both private capital & public incentives.
The reality is that many older office buildings won’t lease the way they once did. Adaptive reuse has become a viable strategy to preserve asset value, increase downtown density, and support surrounding retail and hospitality - 3 birds, 1 stone!
Successful conversions come down to fundamentals: basis, floor plates, infrastructure, and financing.
The number of underutilized office buildings being converted into apartment units continues to steadily rise, largely due to the acceptance that the post-COVID hybrid work format is here to stay. At the start of 2026, the national office-to-apartment conversion pipeline reached 90,300 units, up 28 p...