Empty offices turned into apartments as Calgary oil woes drag on [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Empty offices turned into apartments as Calgary oil woes drag on When the lease on an Alberta Health Services office in Calgary came due for renegotiation two years ago, the rental market was so bad that trying to keep the tenants wasn’t worth it. Instead, landlord Strategic Group took the unconventional step of letting the government agency leave and spent $24.5 million to convert the seven-story building into an apartment complex. Aside from the renovation cost, the building sat vacant for almost a year. But those were risks the company had to take to cope with a market that’s been gutted by an exodus of oil-industry jobs. “We’d still be losing money if they’d stayed,” Chief Executive Officer Riaz Mamdani said in an interview in a new apartment in the building, which has been re-branded as Cube. “The cost of keeping them in this building was greater than the value of the building. That just made no economic sense.” Developers in Canada’s oil capital are converting workplaces to home
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