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Discover the Flavours L'Acadie: Chef Shane Robicheau's at Devour! The Food Film Fest | SaltWireConverting office buildings to apartment buildings is harder than just deciding we need more of it to happen, Andrew Bergen, CBRE managing director for Atlantic Canada, said on Tuesday.
Bergen said a recent study concluded Halifax is one of the cities in the country where conversion makes the most sense. “So, we’ve seen it in Halifax, it’s happening, and we expect more, just given the housing challenges coupled with the challenging housing market,” said Bergen, pointing out that in Calgary, for example, the city provides incentives to developers of $70-$80 per square foot credited back to the developer to convert office space to residential. “We don’t have that right now.”Class A downtown vacancy rates dropped slightly in the third quarter.
“I think we’re all still navigating the challenges that occurred over the past few years, and every company seems to be implementing a slightly different strategy and approach in terms of their workplace,” Bergen said. “So, I don’t think we’re there yet, in terms of clarity and although we’ve seen some improvement in mandates for employees to get back into the office, it still remains a huge question mark.
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