Abandoned office buildings all over the country are being converted into apartments, similar to developer Mike Wampold’s plans for the former Chase Towers, Axios reports.
Wampold is in the process of transforming the iconic downtown Baton Rouge buildings into a mixed-used development called the I & II River Mark Centre, featuring residential units above ground-floor retail and office space.
In 2020 and 2021, a whopping 13,250 apartments across the country have been converted from repurposed offices, according to a new report from RentCafe.
Former office buildings comprise 41% of the apartment conversion market, which also includes old hotels, warehouses, factories and even hospitals.
It’s a sign of the times. As the pandemic normalizes remote work, lots of firms—from startups to multinational corporations—are downsizing their offices. A logical new purpose for these centrally located buildings with big parking lots is housing.
Repurposing old buildings as apartments is easier on developers, too. The renovations can cost up to 40% less than a new construction, according to RentCafe’s report. Read the full story.