Over 55,000 offices are scheduled to be converted to apartments in 2024 — and that number has more than quadrupled since 2021.
According to a new report from RentCafe, a hefty portion of those soon-to-be apartment units are concentrated in Seattle. The rental analysis website looked at adaptive-reuse projects across the United States and found that the Emerald City ranks No. 15 in the country for office-to-apartment conversions this year.
Former office spaces in Seattle are slated to be turned into over 900 apartment units in 2024 — that’s a 5% increase year over year. One notable project is the City Hall redevelopment project in Renton, which will add 618 units to Seattle’s apartment inventory.
Furthermore, an additional 1,100-plus units are in Seattle’s adaptive-reuse pipeline, although these units won’t come to fruition this year and will be built in 2025 and beyond.