(NewsNation) — Across the United States, more than 55,000 new apartments are expected to be created from what are currently vacant offices, according to a new report.
RentCafe’s latest annual report on the topic predicts a record number of new apartments will be created in major cities, quadruple the equivalent number in 2021.
And it’s likely due to trending work-from-home and hybrid arrangements.
“Over the last four years, we’ve seen extraordinary growth in the conversion of office buildings into living spaces,” RentCafe analysts wrote.
In 2021, 12,100 apartments were being crafted out of old office spaces, RentCafe reported. By 2022, that number nearly doubled to 23,100.
In 2023, the climb continued to 45,2000, and today, the number has hit 55,300, RentCafe predicts.
“That’s more than a fourfold increase since the trend began. It’s a testament to how our cities are transforming for a new generation that wants to live where they used to work,” analysts said.