Once your cubicle, soon your cozy apartment – America enters 2024 with a record pipeline of repurposed office spaces. A staggering 55K office-to-apartments are expected across the U.S in the coming years, marking a fourfold increase from four years prior.
Charlotte is a frontrunner in this resurgence, ranking 20th nationwide for the substantial number of new apartments that will be delivered as a result of office conversions.
Here are the key highlights for Charlotte, according to our latest adaptive reuse report:
- Charlotte is set to add 864 new apartments by repurposing old office spaces. The office-to-apartment projects make up 45% of all conversions, followed by hotels (34%) and factories (21%).
- This is a significant 8% jump in Charlotte’s office-to-apartment pipeline since last year, highlighting this niche’s rapid growth in the city.
- The adaptive reuse project at 526 South Church St. stands out as Charlotte’s largest and the 7th largest in the country (450 units).
- Next in line are the Prosperity Place redevelopment (350 units) and the Ford City Motor Lofts project in Salisbury (64 units).
- From 2021 to 2024, the number of apartments scheduled for conversion from old office spaces increased from 12,100 to 55,300 nationwide. This trend is most prominent in Washington, D.C. (5,820 units), New York (5,215 units) and Dallas (3,163 units).
You can check out the full report here.