Fifth Wall’s Post

🔄 Hotels passed office as the most-converted to residential in 2023. They were 36% and 28% of total conversions, respectively. Most hotels converted were Class B hotels, and New York City led the way: all 733 of its 2023 residential conversions were hotels. According to RENTCafé and Yardi Matrix data, 12,700 new apartments were converted in 2023, almost an 18% increase from 2022. #realestate #adaptivereuse

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