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