2023 could be turning point for office-to-housing conversions: Colliers
via yahoo!finance By Michelle Zadikian
Converting underused offices into housing could help bring more vibrancy to communities
This year could be pivotal for Canada’s office market as developers increasingly eye empty and underused office buildings to help solve the country’s worsening housing shortage, according to Colliers Canada. And one recent conversion in downtown Calgary could serve as a successful playbook.
“2023 could mark a shift in how excess office towers are to be treated,” real estate consulting firm Colliers said in a report.
“Several markets have either announced or have already begun converting certain office towers into residential spaces. This may have a ripple effect on the office construction pipeline if projects are