Downtown office vacancy rates trending down - 660 NEWS
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Downtown office vacancy rates trending down

Downtown Calgary on Thursday, March 30, 2017. (Photo by Chelsey Harms/660 NEWS)

The downtown core could be turning a corner when it comes to its vacancy rate.

Numbers show the trend is headed downward from the peak we saw back in the second quarter of 2017.

According to Avison Young, the city is headed in the right direction, it may not happen overnight, but the vacancy rate is improving.

Research Manager with Avison Young, Susan Thompson, says there would be a lot of benefits for the city if downtown rates continue the same trend.

“A vibrant downtown is very important, it helps create life on the streets, it helps boost our economy, it just helps people feel better and that is something we have definitely been hearing,” she said.

The numbers were released the same day, Amazon announced the 20 cities that were shortlisted for their second headquarters with Calgary being left off the list.

Even though the bid for the new Amazon headquarters fell short, Thompson says the move shows the city is heading in the right direction when it comes to the technology sector.

“Diversification is critical to Calgary’s improving economy because we are not sure energy is going to dominate the space the same way it has in the past,” she adds.

Even though rates show signs of improving Thompson does warn there will be some turbulence to start the year.