Various office Space / Various office buildings for rent or sale buildings for rent or sale

Leasing activity has been an ongoing struggle in Calgary, especially with a continued outflow of firms as a result of declining oil prices. In fact, Calgary's office market saw 3.4 million SF of office space being returned to the market in 2015 and 2016 alone. 
As a result, Calgary's office vacancy increased from 7% at the beginning of 2015 to a current rate of 16.5%. The continued struggles have been elevated since the onset of the pandemic, as Calgary saw -230,000 SF of space being returned to the market over the past 12 months compared to the three-year average of 620,000 SF. Moreover, 2020 saw leasing activity declined by 57% compared to 2019 levels, reaching 2.4 million SF. The pain will likely continue over the next year, as the availability rate has now topped 19.4% while the months to lease has reached over 17 months. Furthermore, the 24-month lease renewal rate has dropped to a low rate of 66.2%, indicating that landlords will have to provide further incentives to maintain their existing tenants.

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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Various office Space/buildings for rent or sale

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Posted By:Sam