Aging Office Stock Can Have Housing Potential

This blog discusses the trend of converting aging office buildings into affordable residential housing to help address the shortage of affordable housing and the glut of vacant downtown office spaces in cities like Calgary. The article highlights a project called Neoma, which is an office-to-affordable-rental conversion project that turned a 10-storey office building into 707 new homes. The article also provides insights from Sheila Botting, Principal & President, Americas Professional Services, Avison Young, who points out that some buildings are more likely to be considered for conversion than others, particularly those that are well-located and have floor plates in the 8,000 and 14,000 square feet range. She also notes that while building conversions are one option to address the housing crisis, they are not a viable solution on their own to meet housing demand across Canada