D.C. commercial property owners and developers are leading the nation in office-to-residential building conversions, and there are plenty of properties to choose from.
RentCafe reports office-to-apartment conversions in the D.C. region that are either underway or in the pipeline will create more than 5,800 residential units, almost double the residential conversions planned in 2023.
Residential conversions represent 65% of all repurposing projects of older office buildings, followed by hotels, industrial use and healthcare buildings. Repurposing office buildings is one viable way to address the D.C. region’s rising office vacancy rate.
According to real estate firm CBRE, nearly 80 million square feet of privately-owned office space in the D.C. area was empty at the end of 2023. It reports the office vacancy rate in the D.C. region is now 21.1%