Calgary Office Towers Drop in Value
Saturday, 6 January 2018
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.
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What does this mean for you, the tenant?
- Landlords are making concessions to place tenants into their buildings.
- This means that you are in the driver's seat when it comes to commercial office leasing!
- It is now possible, and more affordable to your P&L, to move into one of Calgary's coveted downtown addresses to conduct your business.
- CORE Commercial Real Estate does not represent landlords, nor do they have a vested interest in placing you into any particular building.
- We are focused on meeting your needs and can assist YOU in your negotiations for leasing that perfect space for your business.
- Remember, we charge the landlord to exclusively represent YOU!
- Don't have the landlord do both sides of the lease - how can they possibly represent their interests and your interests under one transaction?
- Work with us to negotiate solely on your behalf.
Contact CORE today for a lease that best represents your interests.