Conversion Potential Sparks Office Sales As Calgary Relaunches Incentive Program

Calgary has relaunched its Downtown Development Incentive Program to convert excess office space into residential units, offering up to $75 per square foot for eligible projects, with a cap of $15 million. Initially launched in 2021, the program was paused in October 2023 due to high demand but has since secured $228 million from the Government of Canada. So far, 11 projects have been approved, creating around 1,500 new apartments. The initiative has also influenced other North American cities to consider similar programs.