The recession hit Calgary hard. There is no getting around that. Yet, despite the fallout, slow recovery, and the impact it had on Calgary’s downtown commercial spaces, there are plenty of reasons for optimism. As per Colliers International Calgary Downtown Office Market Report Q2 2019, the downtown core’s vacancy rate is just above 24 per cent, which is roughly 1.5 per cent lower than 2018. However, that number is actually 14 per cent higher than a balanced market vacancy rate. While the report notes that high vacancy rates will continue in the near future, migration to the downtown core is expected. In fact, if you are looking for Calgary office space for lease downtown, now may be the best time to sign a contract.
Here are three reasons why you should be eyeing the downtown core for your commercial location:
1. Low Lease Rates
The Globe and Mail report that Calgary’s downtown office values fell by 32 percent by the end of 2018. This is a shocking statistic for many, but welcome news for new, emerging, and tech-focused companies that typically avoided the high rents of Calgary’s hottest commercial location. Attractive lease rates provide powerful motivation for small businesses and startups to operate downtown, effectively rebuilding the core with a more diverse range of products and services. If you are a small business, a business looking to relocate, a startup, or a company considering a move to Calgary, now is the time to take advantage of Calgary’s office space for lease downtown.
2. Growing popularity
In addition to attractive rates, Calgary office space for lease downtown is getting a boost by the increase in property taxes levied on buildings outside of the core. Now, being outside of the core means higher property taxes, less access to transit, and fewer amenities for both staff and patrons. These are some of the reasons why migration is increasing into the core. Downtown office space is growing in popularity. Getting in now secures your spot before it’s too late.
3. Industry Diversity
As Calgary continues to push for a more diverse economy and offers attractive incentives for the tech, healthcare, education, etc. sectors to take a closer look at the city, Calgary’s downtown can expect a comeback that features a new array of corporations. In the past Calgary office space for lease, downtown was dominated by the energy sector. The future is wide open. Efforts are in place to attract local and foreign investment to the downtown core. Again, the time to act is now if you want to secure a location in the most convenient part of the city.
So, what are you waiting for? The lower prices and push to diversify means downtown is poised for a spectacular comeback, and you can take advantage of it by securing a lease today. Bedrock Realty Advisors prides itself on offering solid advice. Let us help you find your ideal Calgary office space for lease downtown. Want to learn more about what sort of office spaces are available? Use our Office Locator Tool today at and we’ll send you a list of spaces that fit your needs and budget!