47 % of planned adaptive reuse units
Office buildings account for 47% of all future adaptive reuse units, about 90,300 apartments out of 193,900 planned.
RentCafe (analysis of Yardi Matrix data)16,358 apartments (New York metro)
New York leads the pipeline with 16,358 office-to-apartment rentals in the backlog, followed by Washington, D.C. (8,479) and Chicago (4,360).
RentCafe (analysis of Yardi Matrix data)1.9 billion square feet suitable for conversion
More than 1.9 billion square feet of US office space, about 24% of total inventory, is considered suitable for conversion by the CommercialEdge Conversion Feasibility Index.
RentCafe (citing CommercialEdge Conversion Feasibility Index)Why this market is moving now
- The conversion pipeline grew 28% in a year to 90,300 apartments at the start of 2026, a new record.
- Over $213 billion of office loans mature by the end of 2026, pushing owners of weak buildings to act.
- Office vacancy was close to 20% in early 2025, leaving large amounts of space idle.
Key figures
Each figure links to the page it came from.
| Figure | Value | Year | Source |
|---|---|---|---|
| At the start of 2026, 90,300 apartments were in the process of conversion from offices nationwide, up 28% from a year earlier. | 90,300 apartments in conversion pipeline | 2026 | RentCafe (analysis of Yardi Matrix data) |
| Office buildings account for 47% of all future adaptive reuse units, about 90,300 apartments out of 193,900 planned. | 47 % of planned adaptive reuse units | 2026 | RentCafe (analysis of Yardi Matrix data) |
| New York leads the pipeline with 16,358 office-to-apartment rentals in the backlog, followed by Washington, D.C. (8,479) and Chicago (4,360). | 16,358 apartments (New York metro) | 2026 | RentCafe (analysis of Yardi Matrix data) |
| More than 1.9 billion square feet of US office space, about 24% of total inventory, is considered suitable for conversion by the CommercialEdge Conversion Feasibility Index. | 1.9 billion square feet suitable for conversion | 2026 | RentCafe (citing CommercialEdge Conversion Feasibility Index) |
| Over $213 billion of office building loans come due by the end of 2026, according to a Yardi Matrix analyst quoted by RentCafe. | 213 billion USD of office loans maturing by end of 2026 | 2026 | RentCafe (quoting Yardi Matrix) |
| National office vacancy was close to 20% in early 2025. | 20 % national office vacancy (approx., early 2025) | 2025 | RentCafe (analysis of Yardi Matrix data) |
What the full report covers
- 1
Executive summary
The answer on two pages: size, growth and what drives it.
- 2
Market size and outlook
History, the current year and a five-year view with base, low and high cases.
- 3
Segments and regions
Splits by product, buyer and geography across the US, Europe and MEA.
- 4
Company profiles
The main players, how they compete and where they are investing.
- 5
Data and method
Every figure in Excel, with the sources and assumptions behind it.
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the United States market - 03Market size, 2021 to 2025
Historical series and growth rates - 04Outlook to 2031
Base, low and high scenarios with stated assumptions - 05Rules, policy and deadlines
Regulation and programmes that change demand - 06Drivers and barriers
What accelerates or slows adoption, by customer segment - 07Prices, costs and margins
Unit economics where public data allows - 08Competitive landscape
8 to 12 company profiles with recent moves - 09Opportunities and risks
For new entrants, suppliers and investors - 10Method and sources
Every assumption and source, listed
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Frequently asked questions
How many office buildings are being converted to apartments in the US?
RentCafe's analysis of Yardi Matrix data counted 90,300 apartments in the office-conversion pipeline at the start of 2026, up 28% from a year earlier. That is a unit count, not a building count.
Which cities lead office-to-residential conversions?
New York leads with 16,358 apartments in the backlog, followed by Washington, D.C. (8,479) and Chicago (4,360), according to RentCafe.
How much office space can be converted?
CommercialEdge's Conversion Feasibility Index rates more than 1.9 billion square feet, about 24% of US office inventory, as suitable for conversion, per RentCafe. Suitable does not mean feasible.
What share of adaptive reuse projects are office conversions?
Offices account for 47% of all future adaptive reuse units in 2026: about 90,300 apartments out of 193,900 planned.
Why are more offices being converted?
Yardi data show national office vacancy close to 20% in early 2025, and a Yardi Matrix analyst says over $213 billion of office loans come due by the end of 2026.
Sources and method
The figures on this page come from the public sources listed below. Read how we work.
- RentCafe (analysis of Yardi Matrix data): Office-to-apartment conversions break records again, with 90K rentals in the pipeline (2026-03-24)
At the start of 2026, 90,300 apartments were in the process of conversion nationwide — up 28% from 70,600 a year earlier
- RentCafe (analysis of Yardi Matrix data): Office-to-apartment conversions break records again, with 90K rentals in the pipeline (2026-03-24)
In 2026, they account for 47% of all future adaptive reuse units — roughly 90,300 apartments out of 193,900 planned projects
- RentCafe (analysis of Yardi Matrix data): Office-to-apartment conversions break records again, with 90K rentals in the pipeline (2026-03-24)
New York is on track to convert the most former office buildings, with 16,358 rentals in the backlog.
- RentCafe (citing CommercialEdge Conversion Feasibility Index): Office-to-apartment conversions break records again, with 90K rentals in the pipeline (2026-03-24)
more than 1.9 billion square feet of office space — or about 24% of total inventory — is considered suitable for conversion
- RentCafe (quoting Yardi Matrix): Office-to-apartment conversions break records again, with 90K rentals in the pipeline (2026-03-24)
A massive amount of office building loans — over $213 billion — are coming due by the end of 2026.
- RentCafe (analysis of Yardi Matrix data): Office-to-apartment conversions break records again, with 90K rentals in the pipeline (2026-03-24)
In early 2025, national office vacancy was close to 20%
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