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Reports suggests grim reality for Calgary's building vacancy

Last Updated Jan 26, 2021 at 7:54 pm MDT

CALGARY (660 NEWS) – Calgary’s building vacancy rate could reach upwards of 30 per cent.

According to a report by Avision Young, Calgary’s downtown core will cross into unseen territory for a modern major office market in Canada within the next 12 to 24 months.

Recently in 2020, the city reached a record high vacancy rate of 24.1 per cent in the fourth quarter.

This report suggests that Calgary is struggling and the evolving energy industry continues to see budget-cutting to reduce expenses and to improve efficiency.

There are 16 empty buildings across Calgary – four in the downtown, three in the beltline, and nine in the suburbs.