Normally when two million square feet of office space is added to a market, vacancy rates head up while rents head the other way.

Calgary appears to be an exception to the rule.

The Regional Managing Director of CBRE, Greg Kwong said companies are lining up to rent the office space that is being vacated by Cenovus and Encana, which are the major tenants of the new Bow building.

Kwong said Calgary is Canada’s hottest commercial real estate market, with a vacancy rate hovering around five per cent.

He added landlords are calling the shots, telling prospective tenants if they don’t like their rates, they’ll show it to somebody else.

Calgary has 52 million square feet in commercial real estate, 40 million of which is  in the core.

Kwong said if energy prices remain high, then other buildings being built should have no problem finding renters.