Calgary commercial realtor and owner of Bedrock Realty, John Savard, was recently included in an article in Calgary Business magazine regarding the current state of the city’s downtown office vacancies.
Below is an excerpt from the article. Read the entire article here.
John Savard, principal, office leasing specialist with Bedrock Realty Advisors Inc., says tenants who had a line of sight on their long-term income streams in 2017 took advantage of low office rents and took out leases for as long as they could, signing seven-to-15-year-old deals.
“I don’t see anyone willing to pay economic rents,” he says. “We saw a lot of activity but that activity was based upon flight to quality. New sublease space coming to the marketplace. Unfortunately, I don’t see that the market has turned a corner yet.”
Thank you to Calgary Business and business reporter Mario Toneguzzi for including us as a trusted resource in your publication!