Calgary's 10 Million Sq Ft Hangover

[Rickson9]

Calgary awakens to a 10-million-square-foot office hangover

Scott explains that an additional 501,000 square feet will come to the market over the next few months, most of it in Manulife’s 707 Fifth building.

A further one million square feet floods into the downtown over the next 18 months, which includes more than 450,000 square feet of sublease space in the Bow tower, as well as unclaimed space in Brookfield Place and the Telus Sky tower.

http://www.westerninvestor.com/news...illion-square-foot-office-hangover-1.16706594

 

[Thomas Beyer]

So ? Who buys office towers these days ? This is a residential real estate discussion forum !

 

[Vincenzo F.]

Why not convert to condos?

 

[Rickson9]

So ? Who buys office towers these days ? This is a residential real estate discussion forum !

My apologies, on my app the forums say "Public Forums > Real Estate Discussion".

Does it separate it into "Residential Real Estate" on your end?

 

[Thomas Beyer]

In theory, you are right. In practice, you're not.

This reminds me:

In theory, there is no difference between practice and theory.

In practice, there is !

 

[ChrisDavies]

Why not convert to condos?

Parking is usually the primary issue, but there's a lot of HVAC and plumbing issues when you're retrofitting. A good question that combines office and residential real estate.

 

[Thomas Beyer]

Why not convert to condos?

The zoning often does not allow it, and the condo market too is somewhat saturated. It is also expensive afterwards to convert, although it is doable if demand and pricing is in line with costs of this conversion 9assuming zoning allows it)