As of the third quarter of 2023, the highest number of conversion projects in the U.S. were office-to-multifamily projects. The total number of conversion projects aimed at generating housing units from outdated office buildings was 264, representing nearly 39 percent of the total conversions. Moreover, a multitude of projects were undertaken to transform offices into life sciences initiatives, totaling 184. Both office-to-hotel and industry conversions contributed more than nine percent, totaling over 18 percent. Finally, office-to-mixed-use and other uses accounted for nearly 16 percent of ongoing or planned conversion projects.
Number of office conversion projects in the United States as of 3rd quarter 2023, by new property type and status
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CBRE Group. (October 19, 2023). Number of office conversion projects in the United States as of 3rd quarter 2023, by new property type and status [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1419242/usa-number-of-office-conversions/
CBRE Group. "Number of office conversion projects in the United States as of 3rd quarter 2023, by new property type and status." Chart. October 19, 2023. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1419242/usa-number-of-office-conversions/
CBRE Group. (2023). Number of office conversion projects in the United States as of 3rd quarter 2023, by new property type and status. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1419242/usa-number-of-office-conversions/
CBRE Group. "Number of Office Conversion Projects in The United States as of 3rd Quarter 2023, by New Property Type and Status." Statista, Statista Inc., 19 Oct 2023, https://www.statista.com/statistics/1419242/usa-number-of-office-conversions/
CBRE Group, Number of office conversion projects in the United States as of 3rd quarter 2023, by new property type and status Statista, https://www.statista.com/statistics/1419242/usa-number-of-office-conversions/ (last visited December 21, 2024)
Number of office conversion projects in the United States as of 3rd quarter 2023, by new property type and status [Graph], CBRE Group, October 19, 2023. [Online]. Available: https://www.statista.com/statistics/1419242/usa-number-of-office-conversions/
