Office-to-apartment conversions are at a new all-time high, with the pipeline reaching 70,700 units as of 2025. More than two-thirds (68%) of all future apartments retrofitted from offices are located in 20 metros — and Phoenix is one of them, ranking as the nation’s 11th major retrofitter. 

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Let’s dive into the details: 

  • Phoenix’s office-to-apartment conversions pipeline encompasses 1,634 units. Phoenix is behind Atlanta with 600 units, and behind Chicago with 2,000 units. New York is at the forefront of office-to-apartment conversions with a pipeline of 8,310 units, or 5 times more units than those expected in Phoenix through this type of adaptive reuse. 
  • In Phoenix, office spaces turned residential saw a 19% increase year-over-year. Boston; Jacksonville, FL; Omaha, NE; and Charlotte, NC, saw their pipelines more than double year-over-year, while Los Angeles experienced an 80% increase. At the other side of the spectrum, office-to-apartment conversions in Detroit, Dallas and Cleveland decreased by up to 20% compared to last year. 
  • In 16 out of the top 20 office-to-apartment retrofitters, this type of conversion represents more than half of all adaptive reuse projects. In Phoenix this share is among the highest, at 71% of all new units expected from such transformations.  
  • A standout project is the redevelopment of the Canyon Corporate Center, which will be revamped into 400 new apartments.  
  • Can the momentum continue? Only around 4% of Phoenix’s existing office space is convertible to residential. That’s significantly below the national average of 14%. However, that’s not to be dismissed, it amounts to almost 6 million square feet of office space. 

Check out our full report for a comprehensive look on office-to-apartment conversions nationwide, its pipeline evolution and distribution between metros.