Dec 29, 2019
In contrast, Calgary's suburban office market is performing much better than its downtown counterpart, as the vacancy rate is only 11.3% while the availability rate is at 15.4%. Additionally, leasing activity has been much stronger in the suburbs, with 438,000 SF of net absorption occurring over the past 12 months, representing 1.0% of Calgary's suburban office inventory. Thurber Engineering represented the largest suburban lease over the past year when it subleased 30,900 SF at 7330 Fisher St. SE in September 2020. Additionally, there were two major renewals in the Beltline district, when DIALOG renewed 42,800 SF at 134 11th Ave. SE in July 2020 and when Parsons Canada renewed 30,000 SF at 318 11th Ave. SE in March 2020.
Overall, the Calgary office market will likely see weak leasing volume over the coming year. The reduction of the corporate tax rate from 12% to 8% may stimulate further interest in Calgary's office market, but until the pandemic is under control, many businesses are expected to remain on the sideline before pulling the trigger on any major leasing deals.
report from Costar Calgary
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