(Source: Calgary Herald)
There has been a tangible shift in the Calgary office market in the past couple of months and vacancy rate increases are expected over the next six to 18 months.
The outlook for Calgary remains uneasy, says a new report by commercial real estate firm Avison Young, as the momentum seen in the past few years is quickly being eroded.
Citywide office vacancy has risen to 9.3 per cent in the second quarter of this year, up from 7.6 per cent in the first quarter. Sublease space now represents about a third of all space available for lease.
Read Mario Toneguzzi’s full article “Calgary office vacancy rate forecast to rise sharply” in the Calgary Herald (July 15, 2009).