Calgary downtown residential conversions reduce vacancy in class B & C office classes - Canada
Calgary downtown residential conversions reduce vacancy in class B & C office classes
The relative success of Calgary’s Downtown Development Incentive Program (DIP) 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 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.
The biggest impact is in the C Class space, with a 7.6% decrease in vacancy. Class B properties experienced a 6.2% drop.