Office-to-residential conversion activity reached a record high in 2026, with Yardi Matrix tracking roughly 11.8 million square feet completed or under construction as elevated office vacancy (about 17.7% nationally in June) pushed owners to repurpose buildings. Nearly half of office properties sold since 2024 traded at a discount, fueling adaptive-reuse deals.
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US office-to-apartment conversions hit a record in 2026
Why this matters for founders
Founders hunting cheap flexible space — or building in proptech/construction — can find opportunity in discounted office assets and cities offering conversion incentives.
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