Adaptive reuse is the process of taking an existing structure and adapting it for a new use. During 2020-2021, DC opened a total of 1,565 apartments by adaptive reuse, surpassing all other cities and accounting for 5.6 percent of the total adaptive reuse projects in the U.S., according to RentCafe.com (citing research and data from Yardi Matrix). DC also leads in office-to-apartment conversions with 1,147 apartment units delivered from former office spaces between 2020 and 2021, according to the report.

FOX 5 reports that Bernstein Management Corporation, Placemakr, and Urban Atlantic are partnering to convert the office building located at 1735 K Street NW into a 12-story apartment/hotel hybrid with ground-level retail. The building’s current tenant, the Financial Industry Regulatory Authority (FINRA), intends to relocate to 1700 K Street NW, according to the report.

The average rent for a one-bedroom apartment in Washington, DC is $2,422 and has increased by three percent in the past year, according to Rent Group Inc.

Last Updated on November 19, 2022 by Ramin Seddiq