Growing population: More office spaces are being converted into residential areas in Calgary

 

As the population increases, there is a need to ensure the availability of more housing. In this context, the conversion of office spaces into residential areas is on the rise in Canada. According to the Re/Max 2024 Commercial Real Estate Report, Calgary has the highest number of office conversion projects in the country in the downcore. More than 11,000 people are expected to arrive in the city by 2026. This will increase the demand for similar projects in the future. Built-in residence options for unused office space in the area include hotels and colleges.

Calgary saw a 23.2 per cent drop in office space in the first quarter of this year. The report states that this decline is the result of increased hybrid works apart from conversion projects.

Demand for retail space is also increasing due to the positive economic outlook currently favoring the commercial real estate market. In particular, demand for space for medical centers and health and wellness businesses is rising, according to the report.