ATLANTA — A new report places Atlanta among the most active metro areas in the country for office space-to-living space conversions.
With the need for office space in decline and urban housing supply in an ongoing crunch amid soaring demand, one increasingly popular solution is to simply convert the office space into apartments.
According to the report from RentCafe, metro Atlanta is the area with the ninth-most planned office-to-apartment conversions in the country.
Part of the reason for that is, obviously, there are more people in metro areas like New York and Chicago and more offices to convert to apartments. But Atlanta ranks within the top 10 of the 20 metro areas in the report not just on raw conversion totals -- the metro's 40% increase year-over-year in planned office-to-apartment conversions also ranks within the top 10, tied with Detroit and just behind Birmingham, Alabama (41%.)
RentCafe's report had this to say about Atlanta:
Atlanta is bringing to life 1,422 office units into apartments, making up 52.4% of the metro's future apartment spaces. With a 40% increase from the previous year, Atlanta's adaptive reuse landscape is a busy one. The Broadstone Peachtree Corners project will be the largest, offering 295 new apartments.
The No. 1 city for new conversions was Washington, D.C. and the No. 1 city for year-over-year increase was Philadelphia (136%).
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