Here’s what a 27.7% vacancy rate looks like in downtown Calgary
Source: CBC News
Author: John Gibson
It’s no secret that one result of the collapse of the price of oil four years ago was a dramatic emptying out of Calgary’s downtown office towers as energy companies laid off thousands of people and a deep recession took hold in the province.
The vacancy rate in Calgary’s core skyrocketed from about 10 per cent at the end of 2014 to very nearly 28 per cent last year, according to the latest real estate market outlook from CBRE.
But driving through Calgary’s downtown core, you’d have a hard time pinpointing which towers were left sitting with floor upon floor of empty space and which ones emerged from the recession still relatively full of tenants.