Is Calgary’s 30% office vacancy a crisis or opportunity? How the city plans to turn empty towers into new housing

Calgary’s downtown office vacancy rate stands at 30%—a figure that sparks a lot of debate. Is it a crisis, or can we turn it into an opportunity? As someone who tracks these shifts closely, I see the city’s $25M incentive for converting empty office space into homes and hotels as a smart, strategic move. Since 2021, Calgary has transformed 2.68 million square feet of office space into 2,667 new homes and a hotel, effectively reducing downtown office supply by nearly 2.7 million square feet. While the boost in rental supply will be gradual, this is a significant step toward revitalizing our core and expanding housing options for buyers and investors alike. For anyone considering how these changes might impact investment potential, neighbourhood trends, or future property values, understanding the data behind these conversions is key. As always, my goal is to help you navigate Calgary’s evolving real estate landscape with clarity and confidence.