Office towers are getting a new lease on life by being transformed into housing financialpost
Once the home to SNC-Lavalin Group Inc., the ten-storey building near the intersection of 5th Avenue and 8th Street S.W. sat vacant for years after the engineering giant vacated 80,000 square feet and gave up naming rights in 2015.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
But that hasn’t stopped cities such as Calgary, which had high vacancy rates long before COVID-19 lockdowns andThis advertisement has not loaded yet, but your article continues below.The city has contributed $73 million to support office-to-residential conversions from a pool of $100 million council earmarked for conversion projects last year as part of the Downtown Calgary Development Incentive Program.
“Through that reopening for the remaining funds we received another nine applications to the program that are all under review at the moment, and the remaining $27 million will be allocated to the successful candidates of that round of submissions,” she said. Downtown Vancouver boasted the lowest vacancy rate of Canada’s major cities at 7.1 per cent, according to CBRE. The city is yet to jump on the conversion trend since very few opportunities to do so exist.
A recent report by Avison Young said commercial rents have fallen in recent years, and because of this, many tenants are moving to higher-quality office buildings from older, less desirable properties.
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