Economists tell us the Alberta recession is over, but there are some days it sure doesn’t feel that way.
Thursday would be one of those moments, as the City of Calgary released its annual property assessment report, highlighting the continued deterioration in the value of downtown office buildings.
But among the shimmering highrise office towers, home to Canada’s largest energy companies, the buildings continue to shed value as the downtown office vacancy rate sat at a miserable 27.7 per cent by the end of last year.
The slide in the overall value of all office towers continues, even as two new ones — the Manulife building and Brookfield Place — have opened in the downtown, adding a combined value of more than $850 million to the city’s tax rolls.
“The ball now is in the tenant’s court.”
Times have changed and the economic recovery is slowly happening. But when it comes to Calgary’s downtown, the rebound can’t arrive fast enough.
Chris Varcoe is a Calgary Herald columnist.
For Full Article, See Source
What does this mean for you, the tenant?
Contact CORE today for a lease that best represents your interests.
Disclaimer:
The articles on this website are for information purposes only and may not meet your specific individual real estate needs and are not tailored to your personal or corporate situation. We are real estate professionals only and strongly advise that you obtain independent legal, accounting or other counsel as required for your specific personal or corporate situation. The articles reflect the views and opinions of the CORE Commercial Real Estate Ltd. and that is all they purport to be. While the information herein is believed to be accurate and reliable it is not guaranteed or implied to be so. The opinions are both time and market sensitive. No part of this website may be reproduced, copied, emailed, faxed, or distributed (in any form) without the express written permission of the authors. Everything contained herein is subject to international copyright protection.