Calgary commercial market set to struggle in 2015
The commercial market in Calgary is set to be “flat for 6 to 12 months” according to a new report from Avison Young. The report calls that prediction ‘optimistic’ noting that there could be more volatility for the market. Office vacancies in downtown Calgary has increased to 6.2 per cent at the end of Q3 2014 from 5 per cent a year earlier; the overall figure for the city rose from 6.6 per cent to 8.6 per cent. Avison Young’s managing director Todd Throndson says the market is not as bad as it’s perceived though with some big deals still taking place but he points out that there is a conservative approach to their office needs. Longer term, the firm says there will be recovery in the market and says that the flatter conditions in the coming months are a blip.