Hopefully this doesn't sidetrack the thread, but as a Calgarian, I wanted to weigh in on the conversation regarding the funding for office conversions. There's seems to be a fair bit of critisim around it, but there are a few things worth pointing out.
1) For Edmonton, I agree that it wouldn't make sense to fund conversions. Edmonton putting funding towards new builds on empty lots makes sense, and IMO is a good use of funds. For Calgary, IMO funding conversions makes sense. In the past 10 years, 15,000 units have been built in Calgary's downtown, with 2,200 currently u/c and another 1,100 breaking ground in the next coupe of months. New units aren't an issue. There's always a constant stream of them coming on line.
2) It's not a case of having to choose one method over the other. Both cities are doing what makes sense, but also both methods can be done concurrently. Edmonton has done conversions without public funding, Calgary has done new builds without public funding.
3) Of Calgary's 2,600 conversion units (completed or currently being converted), about 1/3 are not using public funding. In light of this, should the city do more funding to conversions? That's difficult to say, but I believe the initial funding got the ball rolling and now many of the more recent conversions aren't using the funding.
IMHO, the conversion program has been a success. I'm not just saying that as more Calgary booster-ism, but more than there isn't really a downside. 2,800 added units, with another 1,200 planned (
The total breakout of the 4,000 units) some of the conversions have been non-residential, such as the UofC architecture school moving into the former Nexen building, also two buildings have been converted into a hotel, and another one is being converted into a hostel. Perhaps the biggest benefit of all, is that almost of all of the conversions are in the CBD, and it's changing the ratio of office to residential, in an area that was heavily office.
We're also getting plenty of new residential buildings
It's not a one or the other situation.
To your point about the office oil company mergers etc.., yes, the mergers are decreasing the number of office users, but this isn't a concern at all, it's exactly what Calgary urbanists want. Shuffles and mergers keep happening and companies migrate to the newer buildings leaving the older ones to be converted, or have the space taken up by non-oil and gas companies (IT and Fintech companies have been taking some of that space).
As it stands AA space is at around 17% vacancy, and AAA space is at 10%, which has left high vacancy in the Class B and C market, and those are the buildings finding the alternate uses.
