Calgary, the largest city in Alberta, Canada, is known for its bustling downtown core with towering skyscrapers that house some of the biggest companies in the country. But with the current economic downturn and changes in work culture due to the pandemic, there has been a shift in demand for office space. In response to this, the city has launched a program to convert some of these office towers into residential homes. Let's explore this initiative in more detail.

The Calgary office towers to residential homes program aims to convert underutilized office space into much-needed residential housing. This initiative is a win-win situation as it helps to address the city's housing shortage while also repurposing unused space in a sustainable and cost-effective manner. With the rise of remote work, the demand for office space has decreased, and many buildings are now sitting empty. The conversion of these buildings into residential homes not only addresses the need for affordable housing but also reduces the carbon footprint of the city by making use of existing infrastructure.

The program offers incentives to developers to convert these buildings into residential homes, including financial assistance and streamlined permitting processes. This helps to make the conversion process more feasible and attractive for developers who might have been hesitant to undertake such a project without the program's support. The program also helps to address zoning and regulatory hurdles, which can be a significant obstacle to repurposing office buildings into residential homes.

The benefits of this program are significant. Firstly, it helps to address the city's affordable housing crisis, providing much-needed housing options for families and individuals. It also helps to reduce the carbon footprint of the city by repurposing existing infrastructure, rather than building new developments from scratch. Finally, it provides an economic boost to the city, creating new jobs in the construction and development sectors.

The conversion of office towers to residential homes is not without its challenges. One significant challenge is the cost of the conversion process. The cost of retrofitting a commercial building to meet residential building codes and standards can be high. Developers will need to invest in plumbing, electrical, and HVAC systems to meet residential requirements. Another challenge is the need to address parking and transportation issues. Many commercial buildings do not have adequate parking facilities or transportation links to support residential use. Addressing these challenges will require creative solutions and collaboration between developers, the city, and transportation authorities.

In conclusion, the Calgary office towers to residential homes program is a significant initiative that addresses the city's housing shortage, reduces its carbon footprint, and provides an economic boost. While the conversion process comes with its challenges, the benefits far outweigh the costs. With the city's support and the collaboration of developers and other stakeholders, we can transform Calgary's underutilized office space into vibrant and sustainable residential communities.

Despite ongoing construction and the nationwide economic conditions affecting all markets, the Broadway Subway expansion in Vancouver has not dampened demand for office and retail space in the Broadway Corridor area. The much-anticipated 5.7-kilometre expansion of the rapid transit Millennium Line from VCC-Clark Station to Arbutus and Broadway, with a potential future phase extending to the University of British Columbia, is expected to bring significant amounts of new housing, rental and condo, podium and street-level office and retail spaces, as well as improved access for metropolitan region residents to rapid transit.

Market performance in the Broadway Corridor has been noticeably positive for both retail and office leasing, driven by the success of redevelopment projects in the Mt. Pleasant area. Despite increased congestion and higher rental premiums, firms are recognizing the benefits of the infrastructure project and are committed to the area. Office leasing activity ramped up in mid-2021 and reached a seven-year peak in mid-2022 in terms of leased, renewed, or sublet square feet, with creative, tech, and health sciences tenants contributing to the growth, particularly in the Mt. Pleasant market. The Broadway Corridor's tight retail conditions, with only 2% vacancy, have not deterred retail leases, with between 20,000 and 35,000 square feet of space leased quarterly in 2022, culminating in more than 100,000 square feet leased, on par with 2019 and 2021.

The area's added purchasing power has attracted retail tenants, with households within a five-kilometre radius of the Broadway and Granville intersection typically housing medium to high-income earners, with a third of households exceeding the $150,000 mark, and just over 10% in the $80,000 to $100,000 range. The area is forecast to see population growth of at least 14% over the next 10 years and up to 40% over the next 30 years, with new residential builds expected to increase the area's affluence.

Rapid transit expansion in Vancouver has had a mixed history, with the cut-and-cover construction process of the Cambie Street line resulting in a significant loss of foot traffic and parking for stores in the retail landscape. This time, the Broadway Subway will utilize tunnel boring machines, which will significantly limit but not eliminate the disruptions caused by construction in the area.

While Vancouver has been listed as one of the worst Canadian cities for traffic and fourth-worst in North America, the launch of the Broadway Subway in 2026 is expected to ease access to the growing number of businesses along and surrounding the Broadway strip, making it easier for local residents to reach these businesses. The firms in the area are counting on the dramatic uptick in local residents to boost business despite the ongoing traffic issues.