For decades, downtowns have served as the economic, cultural, and civic heart of our cities. They are where businesses grow, industries connect, talent gathers, and communities come together.
Despite changing workplace patterns and economic uncertainty in recent years, downtowns remain one of our most important economic assets.
But sustaining strong downtowns requires policies and investment strategies that recognize the critical role downtowns continue to play in the long-term economic health of our cities.
Across Canada, downtowns are navigating a period of significant transition. Hybrid work models have permanently reshaped how people use office space and interact with urban cores. At the same time, property owners and businesses are facing rising operating costs, elevated interest rates, inflationary pressures, increasing insurance costs, infrastructure-renewal demands, and evolving tenant expectations.
These challenges are real, but they also present an opportunity to re-imagine and strengthen our downtowns through thoughtful investment and long-term planning.
Downtown office buildings continue to play a critical role in the broader urban economy. They generate substantial municipal tax revenue that supports essential city services and infrastructure. They create the density needed to sustain local businesses and public transit. They attract employers, entrepreneurs, investors, conferences, post-secondary partnerships, and cultural activity. They support restaurants, retail, arts and entertainment, tourism, major events, and
thousands of jobs across countless sectors.
Strong downtowns also contribute to something less measurable but equally important: confidence.
When downtowns are active, safe, clean, and growing, they send a message that a city is open for business and positioned for investment. That matters deeply in an increasingly competitive environment where cities across North America are competing for talent, capital, tourism, and economic growth.
We need policies that support reinvestment for aging buildings and encourage modernization and adaptive reuse where appropriate. We need permitting and development processes that are efficient and investment-friendly.
We also need an honest conversation about the growing tax burden being carried by commercial properties. Long-term revitalization depends on creating a competitive environment that encourages continued reinvestment in our urban cores.
There are encouraging signs that many organizations, industry leaders, and community stakeholders understand this opportunity and are working collaboratively toward solutions. Across Edmonton, we are seeing growing momentum around downtown revitalization, economic development, public safety initiatives, and long-term investment strategies designed to strengthen the core of our city.
Across our industry, building owners and property managers are already investing heavily in modernization, energy performance, tenant experience, upgraded amenities, and operational innovation. We are seeing significant investment in smart building technologies, wellness-focused design, hospitality-driven experiences, and collaborative spaces that support the future workforce.
Cities that support and accelerate this momentum will be better positioned economically in the years ahead.
This is not simply about commercial real estate. It is about economic development, competitiveness, and the long-term success of our communities.
Downtowns remain central to attracting investment and shaping the identity and perception of our cities. It’s where many of our most important connections happen, between businesses, industries, institutions, entrepreneurs, workers, students, visitors, and residents.
The future of our downtowns will require collaboration, creativity, investment, innovation, and leadership. For the cities willing to take that approach, the potential is enormous.
Stacey Claffey is president and CEO of BOMA Edmonton and North, an association supporting commercial real estate industry members across the Edmonton Metropolitan Region, Central and Northern Alberta, the Northwest Territories, and Yukon.
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