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A new report from Rent Cafe estimates the Greater Hartford pipeline of office-to-residential conversions likely to deliver this year at 930.

It’s a far cry from the 5,820 coming to market in Washington, D.C. and the 5,215 being readied in New York City. What it does represent, though, is a 61 percent year-over-year increase – a figure that puts Hartford in the top five metro areas for increases in their pipelines this year.

Philadelphia leads off that list, at a 136 percent increase, followed by Phoenix at 114 percent, Washington, D.C. at 88 percent and Kansas City at 84 percent.

The Rent Cafe report also estimates that developers are eyeing 2,523 more apartments that could yet be carved out of the Hartford area’s high-vacancy office sector.

The report describes how, driven by a big wave in office-mortgage maturities coming this year nation-wide, the numbers of office-to-residential conversions have jumped upwards each year.

“Over the last four years, we’ve seen extraordinary growth in the conversion of office buildings into living spaces. Back in 2021, a modest 12,100 apartments were being crafted out of old office spaces. By 2022, that number had nearly doubled to 23,100. The climb continued as 2023 saw an increase to 45,200, and now, as we step into 2024, the pipeline has reached an impressive 55,300,” the report says.

And many of the buildings being converted nation-wide are younger than in previous years.

“This suggests a strategic preference for buildings that might require less investment in refurbishment and are more likely to meet modern standards, potentially simplifying the conversion process,” the report notes.