In Edmonton, An Industry Eagerly Awaits The Second Coming Of Office Conversions

  • 📰 storeyspub
  • ⏱ Reading Time:
  • 77 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 74%

مصر أخبار أخبار

مصر أحدث الأخبار,مصر عناوين

After Councillor Andrew Knack introduced a motion earlier this year, the outline of Edmonton's office conversion incentive program is expected to be unveiled in the coming weeks.

to Fraser highlighting the housing crisis in Alberta and making their case for more federal funding.

He adds that whereas other Canadian office markets have seen a so-called "flight to quality" — tenants moving towards the high-end properties — Edmonton has seen a flight to, where an average quality office building in a vibrant location can beat out a higher quality building in a less vibrant location. Nonetheless, Edmonton's office vacancy is too high, and there are no strong indicators that it's about to get better.

The City is currently working with industry groups — such as the local chapters of the Urban Development Institute , Building Owners and Managers Association , National Association for Industrial and Office Parks , Canadian Home Builder's Association , and the Edmonton Downtown Recovery Coalition — to develop the incentive program, with a general structure expected to be presented to the Executive Committee on October 13.

"Calgary had a bigger issue with vacancies starting even before the pandemic, and what I was watching is the loss of valuation from those properties in their core ended up having a massive impact on small businessesof the core," Knack told STOREYS. "There were businesses that were seeing — over the course of just a couple of years — 50% to 70% property tax increases."

In 1997, the City created the Capital City Downtown Plan, which provided financial incentives of $4,500 per unit created via conversion, which ultimately led to the successful conversion of about 16 office buildings in the early 2000s.

لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 16. in EG
 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.

مصر أحدث الأخبار, مصر عناوين