Inaugural downtown Calgary office-to-residential project called an instant success. Global News, June 2024.
Even before Covid and the surge in remote work (suddenly reducing demand for office space and increasing demand for residential space), Calgary had a surplus of office space due to the oil price boom and bust. So there's a fair number of older office buildings that aren't needed.
From the article:
Announced in the spring of 2022, the project was one of three set to receive about $31 million when the conversions were concluded.
The Cornerstone (909 5 Avenue Southwest) in downtown Calgary is at 70 per cent capacity and has undergone a remarkable transformation in under three years, says Heather Weir, vice president of Astra Group and chief financial officer of Peoplefirst Developments.
“When we looked at this building in the fall of 2021, streets were virtually empty and there was dusty old office furniture.
“This building was mostly vacant for almost a decade.”
Now it’s home to 112 two- and three-bedroom units, as well as retail and offices on the main floor and a second story dedicated to small office space for entrepreneurs in the beauty industry, Weir said.
More
From offices to homes: constructing The Cornerstone conversion. City of Calgary, April 2024.
The model city for transforming downtowns? It’s in Canada. Washington Post editorial board, February 2023.
Calgary’s adventure in office conversion. Ximina Gonzalez, Globe and Mail, May 2023.
Calgary to see payoff this year from incentives to convert aging offices into new homes. Chris Varcoe, Calgary Herald, January 2024.
In August 2023, Desjardins suggested converting office buildings (where there’s typically centralized bathrooms on each floor) to housing for students or seniors.
DailyHive article on office vacancy rates, Kenneth Chan, July 2024. Vancouver’s downtown office vacancy rate is 10.8%, while Calgary’s is 30.3%.