Phoenix ranks No. 11 in U.S. for most office-to-apartment conversions

One Lexington, formerly Century Plaza, is a luxury condominium created from an office tower. Office-to-apartment conversions have reached a record high, with 70,700 units in the pipeline as of 2025. Phoenix ranks 11th in the U.S. for these conversions, with 1,634 units planned. New York leads with 8,310 units. In Phoenix, such conversions represent 71% of new units, with a notable project at Canyon Corporate Center adding 400 apartments. However, only 4% of Phoenix's office space is convertible to residential, below the national average of 14%.