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.