According to a recent RentCafe/Yardi Matrix report, the Atlanta metropolitan area will see 2,239 spaces come to life through office-to-apartment conversion projects, which make up 56% of all adaptive reuse projects underway. That is the sixth most in the country. Boasting a 57% year-over-year increase in office conversions, Atlanta has emerged as a key player in the adaptive reuse landscape. However, only 14.2 million square feet worth of office buildings (6% of the metro’s total office inventory) are deemed suitable for future office-to-apartment conversions. A notable project is the transformation of the building at 2 Peachtree St., which is expected to create at least 200 new apartments within its 890,000 square feet of space.

New York is the leader with 8,310 units, followed by Washington, DC, Los Angeles, Chicago Dallas and Atlanta.

The U.S. will set a record for new apartment deliveries for the third year in a row, with developers on track to complete more than 518,000 new rental units in 2024, according to a recent report by RentCafe. 2024 is the first year in the history of U.S. apartment construction in which the number of completions will surpass the 500,000-unit threshold, with the D.C. region among top metros with a steady pipeline of new apartments coming to market.

According to RentCafe, the D.C. metro ranks No. 7, with 15,079 new units to be delivered by the end of 2024. In the past five years, developers have completed 72,709 new apartment units in the area, ranking No. 6 for five-year growth.

Looking ahead, the report highlights 2024-2028 projections including that Bethesda could gain momentum, doubling its units by 2028 (up 163.5%). RentCafe’s nationwide report shows the New York City metro is leading new apartment unit delivery for the third year in a row, followed by Dallas and Austin.

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.