Key Highlights
- According to RENTCafe, 96,544 conversions of commercial and institutional spaces into homes most prevalent in 2010’s
- Study considered buildings with 50+ units
Former schools, factories, offices and retail spaces such as the newly bankrupt Neiman Marcus and JC Penny are being repurposed or converted into homes. This type of conversion isn’t new.
In the 1950’s, 2,002 units in 14 buildings nation-wide were converted to housing. During the 2000’s, some 63,990 units in 467 buildings were converted to residential spaces. A recent study just released by RENTCafe indicates that 96,544 residential units in 778 buildings that formerly housed factories, schools, offices and non-residential uses were created to house people. (RENTCafe only analyzed buildings with 50 or more units.)
The most popular commercial and institutional targets for repurposing have been, in this order, factories, hotels, office buildings, schools and warehouses. 42% of these converted spaces are now aimed at middle-income renters; 23% of these repurposed spaces are residential units considered to be within the reach of low-income renters.
Here is a list of the cities in which the most residential units were created from commercial and institutional spaces during the 2010’s:
# of # of Most Common Bldgs. Apts. Created Bldg. Type
New York 73 18,488 Hotel
Chicago 91 14,167 Hotel
Philadelphia 85 11,266 Factory
Los Angeles 74 10,569 Hotel
St. Louis 62 7,197 Factory
Baltimore 47 6,503 Office
Richmond VA 43 5,625 Factory
Cleveland 36 5,356 Office
Kansas City MO 43 5,305 Office
San Francisco 40 4,912 Hotel
Thanks to RENTCafe
Also read: Six Must-Haves to Seduce High-End Buyers, StreetEasy’s Take on NYC’s 2020, Podcast: Why Are The Most Successful Agents Broke? | Tim and Julie Harris
