Vacancies rise in Calgary office market
Employers in Calgary are scaling back on leased office space according to a report from CBRE. Downtown vacancies have increased to 11.8 per cent in the first quarter of this year compared to 9.1 per cent in the same period last year. Total absorption is down by 807,000 square feet while vacant sublease space is more than 2 million sq. ft. up from 1.5 million a year ago. Rents have decreased as a result of the lower demand and now average $24.93 per sq. ft. compared to $26.40 at the end of last year and $28.47 a year ago.