Cleveland among metros with the most office-to-apartments expected in 2024
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Cleveland's office-to-apartment pipeline is among the hottest in the country, according to a new report.
- That's no surprise, given that in December The Washington Post dubbed Cleveland the "best example" of an American downtown revival, based on such conversions.
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: Roughly 2,000 units are expected locally from conversions in 2024, per RentCafe's latest annual report.
The big picture: 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.
Of note: Completing these projects is easier said than done. The analysis included those that are currently being converted, as well as planned and prospective redevelopments.
Between the lines: Cleveland's recent downtown conversion projects — The Standard, Terminal Tower and The May — have been accompanied by new construction.
- The City Club Apartments on Euclid Avenue, the largest new project noted in RentCafe's analysis, is scheduled to open in April with roughly 300 units.
Go deeper: How Biden's team plans to unlock more office-to-apartment conversions