Apartment developers are on track in 2021 to create 20,100 new multifamily units from old office, hotel, and retail buildings, more than any time since 2010 and well up from the 2017 post housing-bust peak of 15,000. Currently, 41% of the conversions are, interestingly, in former office buildings, and not hotels, owing to urban demand and out-of-the-box designs. Construction costs are believed to be 30%-40% less than new construction.