Building to be Converted to Residential with 40 Percent Designated Affordable in London, Canada

London, Ontario, Canada. Photo by Scott Webb on Unsplash

14 August 2024 | London (ON), Canada

Nearly one in three downtown offices in the Canadian city of London are empty, as the vacancy rate has reached over 30 percent for the first time, stated in a new report released by CBRE in July 2024 looking at the second quarter of 2024 real estate properties. According to CBRE, about 100,000 square feet (9,290 square meters) of office space has become available in the core area within the last three months, driving up the total. This has been said to be mainly because businesses are looking to sublet their offices to other users.

While downtown office space remains underutilized, some properties are being converted to residential units, including the former office building at 195 Dufferin Avenue. Developer Sifton Properties is transforming this site into 94 residential units, with 40 percent designated as affordable housing. This $20 million CAD conversion is part of a broader trend supported by city incentives aimed at revitalizing this downtown city.

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195 Dufferin Avenue

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Learn more about this story at the London Free Press.