Alberta is changing rapidly, isn’t it? From a recession to an election, there are all sorts of factors that influence the vacancy rates of downtown Calgary office space. And let’s face it – right now vacancy rates are high, but is that really bad news? Yes, we saw a mass exodus of energy-related corporations as the oil and gas industry slowed down, and yes things do not look bright for a quick rebound in the energy sector, but remember – downtown Calgary office space has much to offer many industries, making the possible future of the downtown core a very bright one.
What do the Statistics Say?
Colliers International’s Calgary Downtown Office Market Report Q2 2019 is optimistic. While the report admits, “Colliers believes high vacancy rates will continue to prevail in the near term,” it also points out that reverse migration from the suburban offices to the core is expected. This is due to higher quality spaces with more amenities being leased and sold at very attractive prices. Additionally, recent property tax increases in areas outside of downtown can contribute to pushing commercial businesses into the core.
A Changing Picture
Just because Calgary was once known as a hot spot for energy company head offices doesn’t mean that it is limited to that vision. The future of downtown Calgary office space is one change and adaptation. The report also mentions that co-working companies are taking a closer look at downtown Calgary office space, as this location is filled with the amenities that make co-working so attractive, such as underground parking, transit, shops, and services.
“In a market where it is increasingly hard to attract and retain top talent and equally difficult to increase compensation for employees, greater focus is being placed on the interaction of space and building with the overall employee experience,” cites the report.
What Does This Mean for You?
Are you starting a business? Looking to make a positive change for your employees? Growing your brand? Interested in moving into the Calgary market? Whatever your reasons for doing business in the city, now is the best time to look at downtown Calgary office space.
Due to high vacancy rates, lease and sale prices are optimal. Where downtown Calgary office space was once prohibitively expensive for many hardworking companies, it is now within reach.
Downtown is full of great amenities that promote brand exposure and provide a comfortable, walkable experience for your team and customers. With the future of downtown Calgary office space possibly poised to take off, the time to take advantage of the market is right now.
The experts at Bedrock Realty are here to make your dream office space come true. Contact us today to learn how you can get office space in Calgary’s downtown core.