Calgary office vacancy rate falling, no new builds: report
Fewer Calgary offices are sitting empty than in the past two years, according to a new report from commercial real estate services and investment firm CBRE Canada.
CBRE’s Q1 Canada Office Figures, released on Tuesday, show Calgary’s office vacancy rate is sitting at 28 per cent, down from a record high of 33.7 per cent in 2022.
Calgary still has the highest downtown office vacancy rate in the country at 30 per cent, compared to 18 per cent nationally, but the influx of people to Alberta shows promise for change according to Greg Kwong, CBRE Alberta regional managing director.
CBRE says the data suggests no office projects broke ground at the beginning of 2024, a first in many years, giving office markets a chance to catch their breath after a tumultuous post-pandemic period.
Calgary did get new space finished this quarter, and when Uxborough Medical came to the market it was 60 per cent pre-leased.
High construction costs and fewer move-in-ready spaces have created challenges for Calgarytenants wanting to relocate, according to the report.
Multi-floor tenants looking to move are especially limited, with few options available in Calgary over 50,000 sq. ft.
Converting former offices into residential units is part of the solution, but a small piece.
Kwong said getting people back to working from their offices more days a week and companies hiring more staff would make the biggest difference.
He said the energy sector continues to take up the vast majority of office space.
CTVNews.ca Top Stories
BREAKING Parents of infant who died in wrong-way crash on Ontario's Hwy. 401 were in same vehicle
Ontario’s Special Investigations Unit has released new details about a wrong-way collision in Whitby on Monday night that claimed the lives of four people.
Three Quebec men from same family father hundreds of children
Three men in Quebec from the same family have fathered more than 600 children.
'What have we done?' Lawyer describes shock at possible role in Trump's 2016 victory
A lawyer who negotiated a pair of hush money deals at the centre of Donald Trump's criminal trial recalled Thursday his "gallows humor" reaction to Trump's 2016 election victory and the realization that his hidden-hand efforts might have contributed to the win.
Conservative MP says Chinese hacking attack targeted his personal email
A Conservative MP is challenging claims by House of Commons administration that a China-backed hacking attempt did not impact any members of Parliament, because the attack was on his personal email.
B.C. mayor stripped of budget, barred from committees over Indigenous residential schools book
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Loblaw leaders call criticism 'misguided,' say they aren't to blame for high food prices
Loblaw chairman Galen Weston and the company's new CEO are pushing back against critics who blame the grocery giant for soaring food prices, as a month-long boycott of the retailer gets underway.
Orangutan observed treating wound using medicinal plant in world first
Scientists working in Indonesia have observed an orangutan intentionally treating a wound on their face with a medicinal plant, the first time this behavior has been documented.
'Giant-killer' Kazushi Kimura to race in Kentucky Derby this weekend: 'I'm representing Canada and Japan'
Six years ago, at age 18, Kazushi Kimura left his home and family behind in Hokkaido, Japan to chase a dream. This weekend, he'll ride in the Kentucky Derby.
President Joe Biden calls Japan and India 'xenophobic' nations that do not welcome immigrants
President Joe Biden has called Japan and India “xenophobic” countries that do not welcome immigrants, lumping the two with adversaries China and Russia as he tried to explain their economic circumstances and contrasted the four with the U.S. on immigration.