M
anhattan topped the national chart for office‑to‑apartment conversions last year, but a northern New York suburb slipped into third place. RentCafe’s latest study shows the country is moving at an all‑time high: 24,000 new units opened nationwide, a 50 % jump over 2023 and double the 2022 total. Across the U.S., 181,000 projects are underway, most of them former office spaces, with hotels and industrial sites also in the mix.

    In Manhattan, 588 new apartments emerged from a single redevelopment—Pearl House, a 1970s office tower at 160 Water St. The city’s flagship conversion, 25 Water St., turned a former JPMorgan Chase building into more than 1,000 units that began leasing in February. Midtown is also active: Pfizer’s old headquarters will add 1,602 apartments, Ernst & Young’s Times Square site will bring in 1,250, and the 57th‑Street‑Lexington tower is slated for a similar overhaul.

    White Plains, the Westchester County seat, surprised many by adding 468 units from a 1960s AT&T office conversion, outpacing Houston and earning the third spot in the national ranking. The city blends suburban feel with urban convenience, and its latest project demonstrates the viability of mid‑century office buildings for residential use.

    Chicago may have overtaken Manhattan as the 2024 conversion leader, but the momentum is shifting again. Yardi Matrix data project over 100,000 conversions nationwide, with a majority still targeting office properties. Meanwhile, vacant schools have seen the sharpest rise: nearly 2,000 new apartments sprang from former school buildings in 2024, a fourfold increase from the previous year and the highest level ever recorded.

    Overall, the trend toward adaptive reuse—especially office flips—continues to accelerate, with major metros and emerging markets alike racing to repurpose idle commercial space into housing.