Apparatus and method for reallocation of spectral resources in multiwaveform systems. One embodiment provides a base station operating in a narrowband spectrum and broadband spectrum that share a band allocation of RF spectrum. The base station includes a narrowband transceiver, a broadband transceiver, and an electronic processor coupled to the narrowband transceiver and the broadband transceiver. The electronic processor is configured to determine that a traffic load on the narrowband transceiver is increasing and determine a number of additional carrier channels based on the traffic load to operate the narrowband transceiver within a predefined blocking rate. The electronic processor is also configured to reduce a bandwidth of the broadband transceiver based on the number of additional carrier channels and assign additional carrier channels to the narrowband transceiver to operate the narrowband transceiver with the number of additional carrier channels.