Calgary’s office vacancy rate inches higher, according to new report

CALGARY —
Calgary’s office towers are a little emptier these days, as new information on vacancy rates in the city shows.

The statistics, from Coldwell Banker Richard Ellis (CBRE) Limited’s Q4 2020 report, show Calgary with the highest amount of empty office space in the entire country at 29.5 per cent.

That’s up by just under one per cent over the previous quarterly report.

Much of the empty space in the downtown core is a result of “minimal demand from the energy sector,” the report says, while suburban office space is also suffering.

The CBRE says the suburban office market had the slowest quarter since the beginning of 2015, resulting in a 22.9 per cent vacancy rate.

According to the report, Calgary’s downtown sector had 656,297 negative net absorption during 2020, meaning more space was vacated than what was leased during the year.

But there is good news as Calgary’s industrial market posted another strong quarter, with that vacancy rate dropping to 9.2 per cent.

Full data is available in the CBRE’s Q4 report.