Summary
Builders in the U.S. are looking at converting vacant malls into housing to address the country's housing shortage. There are millions of square feet of empty retail space in malls that could potentially be transformed into homes to help fill the shortfall of 3.8 million homes.
Key Facts
- Vacant malls in the U.S. are being considered for conversion into housing units.
- There are about 34 million square feet of empty retail space in malls nationwide as of 2024.
- The U.S. faces a housing deficit of approximately 3.8 million homes.
- The trend of converting malls to apartments accelerated due to increased online shopping during the pandemic.
- Between 2017 and 2022, an average of 1,170 malls closed each year.
- Many malls struggle to stay open even as in-person shopping picks up post-pandemic.
- The U.S. once had about five times more retail space per person than other countries.
- The rise of online shopping has significantly reduced in-person mall traffic.
