Feb 1, 2024 - News

Charted: Philadelphia metro's office-to-apartment conversions surges

Cap: Data: RentCafe; Table: Axios Visuals
Cap: Data: RentCafe; Table: Axios Visuals

Philadelphia's pipeline for converting old office buildings into new apartments is among the hottest in the country.

  • 975 units are expected locally from conversions this year, per RentCafe's latest annual report on the topic.

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

Zoom in: The high rise at 1701 Market Street, the former headquarters of the Morgan Lewis & Bockius law firm, is one of the city's biggest conversion projects. It'll have about 300 apartment units and is projected to be finished in 2025.

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.

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

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