The latest report from commercial real estate firm CBRE indicates that the office vacancy rate in downtown Calgary has surged to 17.6 per cent. There is currently 7.1 million square feet of vacant office space in the city’s downtown core.
With new office tower projects still gearing towards completion (the biggest being the Brookfield Place), approximately another three million square feet of office space will come to the market. This coupled with no end in higher oil prices, will result in a downward pressure in the square foot price.
It’s been a challenging year economically for Calgary. The drop in oil prices has led to many layoffs, reduction in housing prices, and forcing some to head back home and leave Calgary for good.