Private Capital Drives Calgary Office Deals—and Conversions
- ClearView Insider
- Sep 2, 2025
- 1 min read
Calgary led Western Canada in office investment for the first half of 2025, recording $479 million across 26 transactions. That’s more than half of all office deal value in the region and already surpasses Calgary’s full-year 2024 total of $435 million.
A standout example is Strategic Group’s $17 million acquisition of the former Chevron Plaza at 500 Fifth Ave SW. The 25-storey, 338,000-square-foot tower is slated for conversion into 332 residential units—part of the city’s ongoing shift toward adaptive reuse.
While institutional investors continue to scale back, private buyers are stepping in, targeting Class B and C assets often priced at land value or suited for redevelopment. With downtown office vacancy still near 30.7%, conversions are taking on an outsized role in stabilizing Calgary’s market, positioning the city as a leader in this evolving strategy.
Source: Western Investor, “Private investors fuel Calgary office transactions in busy first half,” August 18, 2025. https://www.westerninvestor.com/private-investors-fuel-calgary-office-transactions-in-busy-first-half-9051635
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