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Offices turned residential real estate in Alberta Cow Town

Calgary residents will be getting a vast choice of new places to call home. One the biggest real estate trusts in the country is planning on re-purposing four offices buildings located downtown into residential real estate units. The Alberta company is also planning on reclassifying commercially zoned land near Stampede Station to build a multifamily development consisting of 300 units. 

Calgary revamped its land use bylaw, which makes the process easier to get the green light to re-purpose office buildings -- good news for developers as the office vacancy rate in the downtown core hovers at around 25 percent. In most cases now, only a building permit is needed. The real estate company in question recently sold three office, seven retail and 10 industrial areas in Alberta, reducing its net operating income in the province from 39 to 26 percent.

Retail stores and restaurants do well with residential properties amidst them. These bring more people to the area, creating an even further vibrant downtown core -- an attractive element for drawing more businesses to the area. The residential buildings will further diversify the local economy. The company says it will aggressively pursue creative leasing options. 

Buying, selling or leasing residential real estate in Alberta can be an exciting venture. Documents associated with transactions are also full of legalities. Buyers, sellers, lessees and lessors would do well to have any potential transaction documents looked over by an Alberta lawyer experienced in real estate law. He or she will make sure a client's best interests are taken into account prior to a client signing any documents. A lawyer will also assist in the closing process on all deals. 

Source:, "Calgary landlords converting office spaces for residential use", Sharon Crowther, Accessed on Sept. 15, 2017

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