Strong demand for office space in Calgary despite slowdown | 5 February 2014
Calgary in Canada is still seeing strong demand for office space, even though the area is currently experiencing a temporary slowdown, a new report has shown.
According to calgaryherlad.com, the document from CBRE Limited revealed that after years of record demand levels for commercial space, the market is slowing down slightly.
Greg Kwong, executive vice-president and regional managing director with CBRE in Calgary, noted that commercial real estate will “bounce back”.
“Much of the talk about the future has been focused on downtown office construction,” he explained. “While the downtown office market is an important and visible component of the commercial real estate market in Calgary, it is by no means the totality of the market. Strong demand for retail industrial and suburban office space better reflects the resilience of the Calgary commercial real estate market.”
The report also showed that retail space located in popular venues is hard to come across and that vacancy rates across the city remain low. In the fourth quarter of last year, vacancy rates for office space were at 9.8 per cent and were at 7.1 for industrial availability.
Meanwhile in Montreal, office space vacancies for sublet have reached their highest levels in ten years, reports montrealgazette.com. In the past two years alone, premium office space available for sublet doubled to 550,000 sq ft.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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