Why 2027 Will Be the Biggest Year for Office Conversions on Record

In 2015, North America saw 29 significant office-to-residential conversions complete. In 2017, the count was 34. As recently as 2022, the annual figure was 20. Two years from now, based on the best available tracking, roughly 92 conversion projects are scheduled to finish at once. That is more deliveries in a single year than the entire 2015 through 2017 cycle combined, and it represents one of the most concentrated waves of adaptive reuse construction in the modern history of American downtowns.

Counting active conversion projects at a national level remains an imprecise exercise. Buildings move between owners, scopes change, target dates slip, and many cities have no central reporting requirement that would catch the activity. Propmodo’s dataset, cross-referenced against the New York City Comptroller’s July 2025 fiscal analysis and regional sources, remains the most accurate compilation available, but it is best read as a directional snapshot of the major-project pipeline rather than a final accounting. The headline figures in this piece, including the 92-project count for 2027, reflect developer-stated targets at the time of dataset compilation, not contracted completion dates...

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RSK: As imagined, most conversions are on the East Coast but surprisingly, Milwaukee makes the list with 3.