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.
"I think we'll see positive absorption in 2023."
With files from Timm Bruch
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6843305.1712863427!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
'A temporary bump': Taylor Swift's effect on inflation and tourism during the Eras Tour
Taylor Swift fans know all too well the costs that come with travelling to see the singer live on her Eras Tour.
Canadian musicians struggle to get visas to perform in the U.S., some cancel shows
Backlogs and processing delays of temporary U.S. visas required by entertainers, athletes and artists has forced some Canadian bands to cancel U.S. tour dates because paperwork wasn't processed in time.
Workplace habit of 'coffee badging' prompts reported new policy at Amazon
The term 'coffee badging' has gained some new significance this week with multiple outlets reporting Amazon is allegedly taking measures to counter the workplace trend it refers to.
Even if your kids roll their eyes, keep making jokes, research says
Researchers surveyed about 300 people about their experiences being raised with or without humour and their views on their childhood, according to a study published Wednesday in the journal PLOS One.
Secret Service chief noted a 'zero fail mission.' After Trump rally, she's facing calls to resign
When Kimberly Cheatle led the Secret Service's operations to safeguard the American president and other dignitaries, she said she would talk to agents in training about the 'awesome responsibility' of their job.
Hazmat response to north London, Ont. apartment complex
Circumstances around a deceased individual in an apartment raise concerns for first responders.
'I live a good, clean life': Socialite veteran 'just keeps going' ahead of 100th birthday
Thomas Archibald Franklin reflects on being 100 years young ahead of milestone birthday on Tuesday, bringing family and community together
'Shoot for the stars': Indigenous contestants in Miss Universe Canada on the importance of representation
More than 60 women, including some Indigenous participants, will compete for the top spot at Miss Universe Canada.
Tofino, B.C., plane crash victims identified online as California veterinarians
Tributes are pouring in online for the two men who died in a plane crash in Tofino, B.C. earlier this week.