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Hotels overtake offices in residential conversions

by Emily Marek

Apartment conversions increased in 2023, with 17.6% more units converted from outdated buildings than in 2022. However, according to a new report from RentCafe, hotels have overtaken offices as the most likely spaces to be converted into new apartments.

Office-to-apartment conversions were widely the most popular type of adaptive reuse in the immediate post-pandemic era, as the work-from-home trend left many office buildings vacant long after quarantine orders were lifted. In 2020, 6,626 units were created from unused office spaces compared to 1,784 from hotels; in 2021, 4,341 apartments were converted from apartments versus 2,351 from hotels; and in 2022, 3,456 units were converted from offices versus 3,283 from hotels.

However, in 2023, 4,556 units were created from unused hotels, compared to 3,587 from unused office space. Those hotel conversions represented 36% of all adaptive reuse projects nationwide in 2023, while office conversions represented only 28%.

Much further down the list were outdated factories and warehouses, which made up 15% and 9% of adaptive reuse projects, respectively.