Conversions of offices to apartments in Philadelphia more than doubled over the last year
Conversions of offices to apartments in Philadelphia have more than doubled over the last year, with 2,697 apartments in the process of conversion. The city ranked seventh in the nation for office-to-apartment conversions, with prominent projects underway in Center City, including the Wannamaker Building and Center Square.
Philadelphia is seeing a surge in office-to-apartment conversions. At the start of the year, 2,697 apartments were being converted from office space, a 119% increase from last year. The Wannamaker Building and Center Square are among the notable projects. The national conversion pipeline has reached 90,300 apartments. Government incentives and financial pressure on owners of underused office buildings are driving the trend. Several projects are underway in Center City, including the redevelopment of the Wannamaker Building into a mixed-use building with 600 loft-style apartments.
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