Calgary, for example, provides a $75-per-square-foot subsidy to developers for converting offices to residential, with 10 buildings approved so far.
“By way of conversion, more than 1,200 new homes will be created and approximately one million square feet of commercial office space will be eliminated, breathing new life into Calgary’s downtown core,” according to the Re/Max report.
“We need partners in our city planning offices to streamline the applications and approvals process in a timely manner — months, not years — to bring these properties to market,” said Elton Ash, executive vice president of Re/Max Canada. The report said the retail segment of commercial real estate, including shopping malls, is looking more resilient than expected after consumers sought online shopping options in droves during pandemic lockdowns. But it was industrial real estate including distribution and warehousing centres that outperformed almost every other asset class in the first quarter, with all markets reporting strong sales and lease activity.
Both property and lease values climbed in the three-month period, with activity pushing beyond major centres such as British Columbia and Ontario as investors and end users looked to neighbouring provinces for more affordable prices.
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