Atlanta among cities leading office-to-apartment conversions
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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