Downtown office space vacancy continues to go up

The vacancy rate in downtown Calgary office towers has skyrocketed to 21 per cent and the managing director for Colliers International said it’s likely going to go higher.

Joe Binfet tells City News the problem is most of the traditional tenants in the core are in the oil and gas sector.

But the situation isn’t quite as bad when you look outside downtown.

“If you look at the Beltline and the suburbs, it’s a much different story,” he said. “It’s a much more diversified tenant mix, it’s not as reliant on oil and gas and the energy sector.”

He added lease rates are tumbling and that could start attracting businesses who, until now, avoided Calgary’s core because it was too expensive.

Top Stories

Top Stories

Most Watched Today