Toronto Council’s planning and housing committee has adopted a motion urging a closer look at the office-to-residential conversion incentives that Calgary offers.

Sales agents for Compass Place, a distressed 10-storey office tower in downtown Edmonton, are promoting its potential for conversion to multifamily rental.

Viable conversion candidates must begin with a basic structural prerequisite, but construction costs, location, surrounding amenities and assumptions about future office values all influence the business case.

Of the 21 transactions totalling approximately $197 million in value during the first quarter of 2021, seven properties were sold for redevelopment or conversion to other uses and three were distressed sales.