What happens to a hotel, office building, industrial building, or school after it’s no longer needed for its original purpose? In a growing number of instances, these buildings are becoming apartment complexes created to address the nationwide need for affordable housing.
A recent Pew Research Institute survey indicates that the share of Americans who express a high degree of concern over the cost of housing has risen 8 percentage points since April 2023 from 61 percent to 69 percent. An increase in available housing holds down rental costs, industry researchers report.
The housing industry term for remodeling buildings to make them suitable for a purpose other than their original ones is “adaptive reuse.”…