[Kosy123]

Bit of a comparison between Edmonton and Calgary but oof that office property assessment value drop for both cities is substantial

 

[AntonK]

I don't mind office buildings being devalued, it's more likely we'll see more of them will be converted to residential. Let's face it they aren't going to fill up the way the used to.

 

[CplKlinger]

I don't mind office buildings being devalued, it's more likely we'll see more of them will be converted to residential. Let's face it they aren't going to fill up the way the used to.

The one downside is that it also drastically decreases their property taxes. Compared to pre-covid, downtown property taxes have fallen from contributing 10% of the city's property taxes, to contributing approximately 5%.

 

[Kosy123]

The one downside is that it also drastically decreases their property taxes. Compared to pre-covid, downtown property taxes have fallen from contributing 10% of the city's property taxes, to contributing approximately 5%.

I'm curious to see if we finally had a stop or a slight reversal in the property assessment value drop in 2025.

 

[husky]

Does older stock being converted into housing make it more likely that newer office stock will enter the market at some point? Like it seems that the newer/renovated office buildings are performing decently in terms of tenancy (maybe I'm out to lunch though) and it's the older ones struggling a bit more.

 

[Oilguy]

Does older stock being converted into housing make it more likely that newer office stock will enter the market at some point? Like it seems that the newer/renovated office buildings are performing decently in terms of tenancy (maybe I'm out to lunch though) and it's the older ones struggling a bit more.

Still very tough to see where the demand would come from for a new build, it helps that some stock is being taken off the market but not seeing who the player would be that would anchor a new tower. Maybe we can convince pcl to abandon their shop and come downtown but I doubt it.