More Than 20,000 Apartment-Conversion Units are Slated to Deliver This Year. A Growing Number are in old Office Buildings.

Article originally posted on Phoenix Business Journal on October 11, 2021

The Covid-19 pandemic didn’t invent the real estate conversion model. Buildings have been retrofitted into new uses for generations.

But it did, apparently, accelerate the popularity of the model, especially conversions into apartments. A recent report by RentCafe and commercial real estate data company Yardi Matrix found more than 20,100 apartment-conversion units are to be finalized in 2021, which is a record.

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