By Jeremy Duda | Axios
Office-to-apartment conversions are at an all-time high in the U.S., according to RentCafe.
While Phoenix isn’t among the top cities, it may be poised to join the growing trend.State of play: Office buildings are the most popular type of building to convert, representing 40% of conversions from 2020-21, followed by factories (15.5%), hotels (12.8%) and warehouses (9%).
Total conversions of buildings to apartments over the past two years has jumped 25% compared with the previous two-year period.Washington, D.C., leads the nation in office and total conversions due to an abundance of vacant downtown office space, while Los Angeles leads in planned conversions.
Why it matters: Phoenix, like many other cities, faces a shortage in apartment housing, which has created an affordability problem.