After moderate gains and even some decreases in the years following the pandemic, the number of apartments resulting from converted buildings was close to 25,000 in 2024, 50% more than the units delivered the year before and double the figures in 2022.
Furthermore, a record 181,000 apartments are now in various stages of development nationwide — up 19% from last year, according to RentCafe's adaptive reuse report.
In the Bay Area, various major adaptive reuse projects are in different stages in San Jose, Oakland, San Rafael and San Francisco, adding up to a pipeline of close to 3,000 units in the Bay Area, according to RentCafe.
Among the Bay Area conversions:
- At Alameda Point, the revamping of the former surplus military building into Storehouse Lofts added 200 units in 2024. It is also the nation’s 9th biggest adaptive reuse project on an industrial site in 2024.
- Oakland is next to tackle unused industrial spaces, with the redevelopment of the former H&L Noodle Factory in Jack London Square with 119 apartments, and the landmark Mutual Creamery industrial 1929 building where 59 units will be created.
- In Marin County, San Rafael stands out as the top office-to-residential retrofitter, boasting two such projects with more than 200 planned units each. In Novato, the old Fireman's Fund complex in Novato could see as many as 1,300 residences.
- In San Francisco, two office-to-residential projects are underway: The first at 1035 Van Ness Ave., which will stem 124 units and The New Humboldt Residences where 120 units are anticipated on Market Street.
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The San Jose metro area is not far behind in adaptive reuse, with a pipeline of 1,173 anticipated apartments. The biggest planned project is the transformation of the Pacific Motor Inn at 455 South 2nd St. into 500 rental units. Within the metro area, Milpitas, Santa Clara and Cupertino have are set to open 460 units through conversions.
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