The adaptive reuse of office buildings for residential and other uses will grow by as much as 63 percent in 2024 over last year.
Office conversion projects in the United States are expected to increase by 63 percent in 2024 over 2023, according to real estate services company CBRE.
Writing in Smart Cities Dive, Nish Amarnath notes that 73 adaptive reuse projects are already completed, while 30 more are expected to be finished by the end of the year. “Office-to-multifamily housing projects account for nearly 75% of the conversion pipeline in Q3, up from 63% in the first quarter, per the report.” In some cases, conversion can cost up to 30 percent less than new construction.
The growth comes as the demand for office space continues to lag far below pre-pandemic levels in most cities and the housing crisis rages on. At the same time, cities and states are adjusting regulations to encourage adaptive reuse and make conversions easier and more cost-effective.
The report adds that office-to-multifamily conversion projects have created 28,000 housing units since 2016. “The growing conversion activity is anticipated to reshape business-centric districts into dynamic mixed-use neighborhoods, the firm says.”
While not all office buildings are appropriate for residential conversion, some are also being transformed into life sciences facilities, hotels, and other types of uses.
FULL STORY: US office conversions could be up 63% in 2024 as cities remove barriers, real estate company says
Office Conversions Have Increased Every Year This Decade
Since the pandemic, office vacancy rates remain high, leading many cities to adjust zoning codes to accommodate adaptive reuse.
Texas Bill Supports Adaptive Reuse in Commercial Areas
Senate Bill 840, which was preliminarily approved by the state House, would allow residential construction in areas previously zoned for offices and commercial uses.
Downtown Pittsburgh Set to Gain 1,300 New Housing Units
Pittsburgh’s office buildings, many of which date back to the early 20th century, are prime candidates for conversion to housing.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco Suspends Traffic Calming Amidst Record Deaths
Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.
Half of Post-Fire Altadena Home Sales Were to Corporations
Large investors are quietly buying up dozens of properties in Altadena, California, where a devastating wildfire destroyed more than 6,000 homes in January.
Opinion: What San Francisco’s Proposed ‘Family Zoning’ Could Really Mean
Mayor Lurie is using ‘family zoning’ to encourage denser development and upzoning — but could the concept actually foster community and more human-scale public spaces?
Jacksonville Launches First Autonomous Transit Shuttle in US
A fleet of 14 fully autonomous vehicles will serve a 3.5-mile downtown Jacksonville route with 12 stops.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Gallatin County Department of Planning & Community Development
Heyer Gruel & Associates PA
JM Goldson LLC
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont