A recent report from RentCafe/Yardi Matrix has revealed that the Atlanta metropolitan area is set to welcome 2,239 new apartments through office-to-apartment conversion projects. This accounts for 56% of all adaptive reuse projects currently in progress and ranks sixth in the nation. With a significant increase of 57% year-over-year, Atlanta has established itself as a major player in the adaptive reuse market. However, only about 14.2 million square feet of office space (equivalent to just 6% of the metro’s total inventory) is suitable for future conversions into apartments. One notable example is the redevelopment project at 2 Peachtree St., which will add approximately200 new units within its expansive space spanning over890,000 square feet.
In comparison with other cities across America, New York takes first place with8,310 units followed by Washington D.C., Los Angeles Chicago Dallas and finally Atlanta rounding out this list as one of our nation’s leaders in office-to-apartment conversions.
