A new report shows the Hartford metro area is among the top regions in the nation in terms of its number of office-to-apartment conversions.
According to RentCafe, in 2024 there are 930 new rental units that are being transformed from office spaces — accounting for 37% of the region’s adaptive-reuse projects
That marks a 61% increase from 2023.
According to the report, the Hartford metro area has the 17th-most planned office-to-apartment projects in the country, ahead of Milwaukee, Wisconsin and Denver, Colorado.
Among the projects contributing to the office-to-apartment trend are the 164 new apartments under construction at the former state office complex at 55 Elm St.
Nationally, from 2021 to 2024, the number of apartments scheduled for conversion from office space to apartments has quadrupled, increasing from 12,100 to 55,300, according to the report.
Demand for housing, along with $150 billion in office mortgages due by 2024, are driving developers to repurpose office space for residential use, according to RentCafe.
RentCafe.com is a nationwide apartment search website. The report was compiled by RentCafe using data provided by its sister company, Yardi Matrix.
