Office vacancies soar in downtown Calgary

More and more office space is sitting empty in downtown Calgary.

The area’s office vacancy rate hit 20.2 per cent in the first quarter, up more than eight percentage points from a year ago, according to figures from commercial real estate firm CBRE Canada.

It’s the first time the downtown vacancy rate has breached the 20-per-cent mark since 1983, CBRE said in a statement.

Courtesy: The Globe And Mail

5 thoughts on “Office vacancies soar in downtown Calgary

  1. Edmonton is the capital and as such has the government bureaucracy which if anything has increased under the Notley regime. Their economy is dependent upon the largesse of the government, not businesses as in Calgary.
    Not only have office buildings become vacant, so have apartment and condominium towers with the majority of tenants just walking away. These are not counted by in the vacancy rate. At night you can see few lights on in these towers. Of course this does not hamper our Mayor Nenshi from having two more towers built in the east end which of course have had deals made to fulfill Nenshi’s dream. It would be timely to have an audit of the city’s books to see just how much the city has subsidized and spent over the years to make a go of an area where developers would not go without concessions and city money. It is said to be hundreds of millions of dollars.

  2. the Things are really tough here in Alberta right now- Thanks to the incompetent economic policies of Stephen Harper and the late Ralph Klein. Alberta never diversified it’s economy or raised royalties to save for a rainy day. I used to have a $30/hour job. Now, I’m working at a grocery store pushing shopping carts for $11.65/hour. I hope that Alberta and Canada never again elect conservative governments.

  3. Living in Edmonton for the last 7 years. Even then you could see the overbuild all over Alberta. Now in Edmonton with a new ice ring, condos and office towers and thousands of empty new homes in the suburbs ….prices dropped more than 12 percent since November . of course not officially. So yes more real stories to come…and hopefully a little less propaganda. Sad to see, feel sorry for the average Joe and Jane.

  4. And two days ago, a story that ran said Calgary had the highest cost of downtown commercial office space…I guess having the highest and having the TENANT pay it, are two different things. Amazing how stats only tell a small part of a story.

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