Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
The office building at 1000 8th Avenue SW in Calgary , which was sold earlier this year. / Barclay Street Real EstateAround 20 office buildings in Calgary have changed hands since January 2023, many of which are considering an office-to-residential conversion.Last week, the City of Calgary announced that it was relaunching its office conversions incentive program, continuing the City's efforts to revitalize its downcore by making better use of its excess office space.
"Transforming unused office space into homes for Calgarians is not only a practical solution but a transformative one," said Mayor Jyoti Gondek in a. "By partnering with the private sector, we're boosting the number of downtown residents, energizing local businesses, and enhancing public spaces. This initiative strengthens our economy, improves public safety, and addresses the critical need for housing.
The 19 office buildings were not identified in the report, but a list was provided to STOREYS courtesy of Colliers. They are, in chronological order of when the transactions occurred, beginning in January 2023:Plaza 1000 "The Downtown Development Incentive Program has acted as a catalyst for building sales, as investors realize the potential value of office buildings that can be repurposed or converted," said Colliers in their report.
Conversion Calgary Incentive Program Office-To-Residential Commercial Real Estate
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