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A perfect storm of market conditionsincluding a shortage of multifamily housing, high rents and downsizing offices—combined with a massive inventory of aging, underused buildings in America’s largest cities are expected to turbocharge adaptive reuse this year.

Apartment conversions doubled last year, to more than 20,000 units, with more than a third of the adaptive reuse projects involving old office buildings, according to data firm Yardi Matrix. The hottest markets for adaptive reuse were in Philadelphia, Washington DC, Cleveland and Chicago.

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