Jan 30, 2024 - News

Atlanta among cities leading office-to-apartment conversions

Data: RentCafe; Table: Axios Visuals

Atlanta's pipeline for converting old office buildings into new apartments is among the hottest in the country, according to a new report.

Why it matters: Converting underused office space is a key part of plans in many big cities to adapt to post-pandemic realities and create much-needed housing, Axios' Kate Marino reports.

Driving the news: 1,422 units across metro Atlanta are expected from conversions this year, RentCafe's latest annual report on the topic states.

  • Atlanta ranks ninth overall on RentCafe's list.

Catch up quick: Earlier this month, Invest Atlanta, the city's economic development agency, entered into negotiations with four companies for the redevelopment of the historic 2 Peachtree Street office tower into a residential, mixed-use property in the heart of Downtown, Axios Atlanta previously reported.

Zoom out: The number of new units expected from office-to-apartment flips nationally — roughly 55,300 — is more than quadruple what it was in 2021, according to RentCafe.

  • "Over the last four years, we've seen extraordinary growth in the conversion of office buildings into living spaces," the report author writes.

Of note: Completing these projects is easier said than done. The analysis included those that are under conversion, as well as planned and prospective redevelopment.

Go deeper: How Biden's team plans to unlock more office-to-apartment conversions

avatar

Get more local stories in your inbox with Axios Atlanta.

More Atlanta stories