Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply.
By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects a broader shift in the market, as companies gravitate toward high-quality office space, leaving older Class B and C buildings behind.
The rise in conversions also aligns with Center City’s growing residential population. According to data, the population from Vine to Pine Streets and between the Delaware and Schuylkill Rivers increased each year.
With daily foot traffic now reaching 90% of pre-pandemic levels, this residential growth is helping to offset the decline in traditional office occupancy, reinforcing Center City’s resilience and long-term vitality.
*Article courtesy of Philadelphia Business Journal
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