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.
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.
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.
In an effort to keep the foreign interference story at the forefront, and to do an apparent endrun 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.
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.
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.
An Ontario woman has launched a lawsuit seeking $500,000 from Tim Hortons after she suffered major burns from an alleged ‘superheated’ tea. The company has denied all allegations and said she was ‘the author of her own misfortune.'
Chinese leader Xi Jinping is due to meet with Vladimir Putin in a political boost for the isolated Russian president after the International Criminal Court charged him with war crimes in Ukraine.
Autopsies confirmed gunshot wounds as the cause of death for two constables responding to a domestic dispute Thursday, the Edmonton Police Service says.
Vancouver firefighters were called to the Downtown Eastside Sunday evening after a fire destroyed multiple tents in an encampment and spread to a building near Main and East Hastings streets.
An international student was swarmed and beaten by a group of people who ripped off his turban and dragged him across the sidewalk by his hair in Kelowna, B.C., Friday evening, according to a local politician.
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.
March 20 marks the first day of spring in the northern hemisphere, and, after a long, grey winter, Torontonians can soon look forward to warmer temperatures and sunnier days.
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.
The Rideau McDonald's Farewell March brought people from across the city, some dressed in costumes, who wanted to say goodbye to a part of what they say makes Ottawa Ottawa.
If you are yearning to walk the trails around Mud Lake in the Britannia Conservation Area, be aware there are wild turkeys looking for mates. A gang of three have been chasing and pecking at visitors to the nature trail for weeks.
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.
St. Patrick's day street parties in Waterloo, Prime Minister Justin Trudeau making an announcement in Guelph, and a woman charged with defrauding doulas round out the most-read stories of the week.
An Ontario woman has launched a lawsuit seeking $500,000 from Tim Hortons after she suffered major burns from an alleged ‘superheated’ tea. The company has denied all allegations and said she was ‘the author of her own misfortune.'
One person has been confirmed dead and six people remain missing as police continue to search for victims after a fire swept through a building in Old Montreal on Thursday.
Travel nurses go from place to place, all over the world, filling in wherever help is needed. To assist with current shortages, some are in Saskatchewan.
Pile O Bones hosted their 18th annual tattoo convention at the Turvey Centre on the weekend where artists from around the country were able to highlight their talent.
An Ontario woman has launched a lawsuit seeking $500,000 from Tim Hortons after she suffered major burns from an alleged ‘superheated’ tea. The company has denied all allegations and said she was ‘the author of her own misfortune.'
