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CALGARY — Vacancies in Calgary’s downtown office towers have risen to record levels and there’s no landlord relief in sight with almost one in three offices sitting empty and sublets accounting for a quarter of available spaces on the market. The city’s glut of empty office space has previously been linked to overbuilding but two commercial real estate reports released this past week show that downtown vacancy rates in Canada’s oil and gas capital are the highest in the country and growing — despite no major new towers opening in the past two years. Vacancies are likely to go even higher, both reports note, driven by short-term factors including layoffs resulting from the takeover of Husky Energy Inc. by Cenovus Energy Inc. and longer-term job losses from cost-cutting and mergers in the oil and gas sector. In its report released Thursday, real estate firm CBRE says the equivalent of four CFL football fields in downtown office space was emptied in the last quarter of 2020. The net reduction of 355,000 square feet (32,000 square metres) took the vacancy rate to a record high of 29.5 per cent compared with 27.2 per cent in the fourth quarter of 2019. "The […]
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