CALGARY, ALTA. – Global commercial real estate adviser Avison Young has new data that indicates the City of Calgary’s residential conversions are lowering vacancy rates.
The City of Calgary’s Downtown Development Incentive Program has contributed to lowering the city’s vacancy – particularly in B and C class properties, a release stated.
“Avison Young looked at what Calgary’s vacancy rate would be if the 10 buildings announced for residential conversion were reintroduced as fully vacant offices into the overall office market inventory. C Class has decreased vacancy by 7.6 per cent and B class has decreased by 6.2 per cent. Overall, downtown vacancy has decreased by two per cent,” the release said.
The effect on vacancy rates is demonstrated by comparing the current vacancy rate by office class to the what the vacancy rate would be if the 10 buildings announced under the program were reintroduced as fully vacant offices into the overall inventory, according to data on the Avison Young website.
“The relative success of Calgary’s Downtown Development Incentive Program has been recognized as a template for municipalities across North America to tackle rising office vacancy rates while addressing housing issues at the same time,” the release said.
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