Calgary office vacancy rate declining as business community returning to city's core
Calgary office vacancy rate declining as business community returning to city's core
After years of decline, demand for Calgary's downtown commercial real estate is showing signs of returning to life.
A new report released by Avison Young says the downtown office vacancy rate now sits at 27.2 per cent, down 2.5 per cent since the last quarter of 2021.
The report also shows leasing rates will continue to face upward pressure this year because of flight to quality and high inflation, which basically means more businesses trying to move to better spaces to try to attract and maintain their workforce.
In trying to have modernize workplaces, Class AA building vacancy rate is now at 14.8 per cent, down 2.9 per cent since the last quarter of 2021.
"We're really happy about the new report that just came out, because it is showing what I think we've been witnessing over the last couple of months," said Mark Garner, executive director of the Calgary Downtown Association.
"Normally, Tuesdays and Wednesdays were our busiest days. And we're starting to see now that it's, we're getting back to that Thursday, Friday, Saturday, type increase."
Garner attributes the increase to some workers coming back to downtown to work full-time and new businesses looking to lease office spaces.
The report found the last quarter of 2022 marked one of the strongest leasing environments in the Calgary office sector, and the vacancy decreases may continue in the first part of the new year.
"I think there is a very much a clear theme of return to office, whether it's three days a week or five days a week for certain companies," said Adam Hayes of Avison Young.
Police in Halifax say three people have been stabbed and a student is in custody following a weapons complaint at a high school in Bedford, N.S. The victims were taken to hospital for treatment, but the extent of their injuries is not yet known.
The parents of young Ontario hockey player Ben Teague have been searching for answers since he died while at a team retreat in 2019. The mystery about what happened and the code of silence in hockey culture is explored in CTV W5's 'What Happened to Ben,' on CTVNews.ca and W5's official YouTube channel.
In an effort to keep the foreign interference story at the forefront, and to do an apparent end run around the Liberal filibuster blocking one study from going ahead, Conservative Leader Pierre Poilievre is forcing MPs to debate and then vote on a motion instructing an opposition-dominated House committee to strike its own review.
Former U.S. President Donald Trump's calls for protests ahead of his anticipated indictment in New York have generated mostly muted reactions from supporters, with even some of his most ardent loyalists dismissing the idea as a waste of time or a law enforcement trap.
Officials are still looking for victims after a fire ripped through a building in Old Montreal last week, killing at least one person. At a press conference Monday morning, spokespersons for the Montreal police and Montreal fire department said six people are still missing. They come from various locations in Quebec, Ontario and the U.S.
Bargain hunters are one step closer to seeing sales at Nordstrom's closing Canadian locations. At a hearing at Osgoode Hall in Toronto on Monday, the Ontario Superior Court of Justice gave the U.S. retailer's Canadian branch permission to start liquidating its merchandise.
Some of the world's largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in a historic deal.
In a heated race to the playoffs, the Edmonton Oilers will try to bank some points against lesser competition when they host the San Jose Sharks on Monday.
A vehicle burst into flames in South Vancouver after an early morning collision Monday, prompting police to shut down the intersection at Kingsway and Tyne Street amid an investigation.
People who rely on transit to get around parts of the Fraser Valley are scrambling to find alternatives as workers with BC Transit walk the picket line.
Police in Halifax say three people have been stabbed and a student is in custody following a weapons complaint at a high school in Bedford, N.S. The victims were taken to hospital for treatment, but the extent of their injuries is not yet known.
Police in Halifax say three people have been stabbed and a student is in custody following a weapons complaint at a high school in Bedford, N.S. The victims were taken to hospital for treatment, but the extent of their injuries is not yet known.
The University of Prince Edward Island Faculty Association says its staff has gone on strike after what it says are failed attempts to enter additional negotiations with the university's administration.
The student union president at Cape Breton University said food insecurity has become a concern for many students and the on-campus food bank cannot keep up with demand.
Mounties in Port McNeill violated a suspect's Charter rights by failing to allow him to contact a lawyer promptly after his 2019 drug trafficking arrest, a judge has ruled.
Ontario employers who withhold foreign workers’ passports or work permits could face steeper penalties under new labour laws, with maximum fines setting them back up to $200,000.
Officials are still looking for victims after a fire ripped through a building in Old Montreal last week, killing at least one person. At a press conference Monday morning, spokespersons for the Montreal police and Montreal fire department said six people are still missing. They come from various locations in Quebec, Ontario and the U.S.
Quebec provincial police (SQ) announced Monday morning that a third person has died in connection with the tragedy in Amqui, in the Lower St. Lawrence region, where a driver drove his pickup truck into pedestrians a week ago.
Bargain hunters are one step closer to seeing sales at Nordstrom's closing Canadian locations. At a hearing at Osgoode Hall in Toronto on Monday, the Ontario Superior Court of Justice gave the U.S. retailer's Canadian branch permission to start liquidating its merchandise.
Police in Halifax say three people have been stabbed and a student is in custody following a weapons complaint at a high school in Bedford, N.S. The victims were taken to hospital for treatment, but the extent of their injuries is not yet known.
Ontario employers who withhold foreign workers’ passports or work permits could face steeper penalties under new labour laws, with maximum fines setting them back up to $200,000.
A community is in mourning after a 10-year-old girl was killed earlier this week when flames tore through her family’s camping trailer southeast of Brantford.
Waterloo regional police say they arrested nine people for impaired driving over the course of nine hours between 6:30 p.m. on St. Patrick’s Day and 3:30 a.m. on March 18.
A 46-year-old man has been taken to hospital with serious, life-threatening injuries after a single-vehicle crash on MR80 near Donaldson Crescent in Val Caron.
Police in Halifax say three people have been stabbed and a student is in custody following a weapons complaint at a high school in Bedford, N.S. The victims were taken to hospital for treatment, but the extent of their injuries is not yet known.
Police in Halifax say three people have been stabbed and a student is in custody following a weapons complaint at a high school in Bedford, N.S. The victims were taken to hospital for treatment, but the extent of their injuries is not yet known.
Some residents of Saskatchewan's capital city have been vocal with their disapproval of Tourism Regina's latest rebrand, prompting an apology from the organization.
