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Future proofing: Upgrade fading offices or convert them to residential?

from Globe and Mail

Future proofing: Upgrade fading offices or convert them to residential? Globe and Mail An aging 12-storey office building in Edmonton sat vacant after its tenants moved to a more modern building. The initial choices for landlord Strategic Group in a market with a glut of office space were to renovate in hopes of attracting enough office tenants to cover the operating costs or tear the building down and start fresh. But there was a third option: convert the building in a desirable location to a fully rented residential building. It’s a reuse many owners of smaller, older buildings are contemplating across Canada in an office market destined to change in a post-COVID-19 economy, says Steven Paynter, principal at architecture and design firm Gensler. READ MORE

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