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Alberta & Prairies  + Canada + Cross Border News  + Office  | 
The City of Calgary is investing $50 million in the conversions of three downtown office properties into two rental-housing towers and a hotel.

Avison Young: Calgary’s DIP Reducing B and C Class Office Vacancy

Calgary’s downtown development incentive program is serving as a template for North American cities as they grapple with high office vacancy and housing shortages, says Avison Young.

The City of Calgary program rewards developers that convert office space to residential units. The program has helped reduce Calgary’s B and C class office vacancy, says Avison Young a new report.

C class office space have seen the biggest drop as vacancy fell 7.6% to 25.9%, says the commercial real estate services firm in a new report. Meanwhile, B class office vacancy declined 6.2% to 39.4%.

The program provides a municipal grant of $75 per square for office-to-residential conversions. City administrators approve grants up to $15 million for projects. Grant requests of more than $15 million require council approval.

In the largest conversion reported on the city’s website, Peoplefirst Developments received $7.8 million from the city as 112 new residential units comprising 104,000 square feet.were created at the Cornerstone at 909 5th Avenue S.W.


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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
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  • ◦Policy/Gov't
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