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Calgary sees payoff in 2024 for converting old offices into residences

Jan 31, 2024  
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Calgary is set to benefit from its initiative to convert vacant office buildings into residences. The first project, The Cornerstone, is almost complete and will increase the city's property tax revenue due to its increased assessed value. This initiative aims to revitalize the downtown area and stabilize the commercial office market, with an expected removal of six million square feet of office space by 2031. The program has also attracted private-sector investment.

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