After the events of 2020, Q4 reporting includes the noteworthy point of 16 vacant office buildings in the Calgary market. Overall office vacancy in Calgary reached 24.1%, with the downtown being the hardest hit sitting at 27% and expected to climb to 30% before the end of March. Upsides include 24-month lease renewal rates dropping, resulting in landlords needing to provide further incentives to maintain existing clients. The Calgary office market has also seen increased interest from tech tenants as the province pushes for greater diversification beyond oil and gas. Businesses such as Symend and Userful both committed to substantial leases in 2020.
Read more about the current office market in Calgary in our latest Office Market Report.
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