MAY 2022: Since the collapse of world energy markets in 2014, downtown Calgary has been in transition. During the peak times, rates of parking downtown were some of the highest in North Amercica. Those rates plummeted, in tandem with sharp increases of vacant prime office space. The pandemic further exacerbated the decline in activity in Calgary's core. "Downtown office vacancy rates sat at 29.7 per cent in the final months of 2021".
To reverse the blight and utilise empty buildings, Calgary is transforming commercial buildings into residential space. The City of Calgary embarked on a plan and financial contribution for retrofitting three towers, providing 401 residential units. Faced with a challenge, Calgary is being proactive to revitalise its downtown. The method developed for Calgary to identity buildings suitable for retofits, is now being applied to convert commerical space in several US cities. READ MORE