Sublet Vacant Space Boosts in Downtown Calgary

A significant change has taken place in Calgary’s downtown office market with a whopping increase of sublet space in the first quarter of this year.

In Calgary, the sublet percentage of vacant space in the downtown market rose to 43.3 per cent this quarter from 8.7 per cent in the first quarter of 2012.

Nationally, there is 11.3 million square feet of office construction in downtown markets. The national vacancy rate is 6.2 per cent, up from 6.1 per cent in the previous quarter.

Toronto has the lowest downtown vacancy rate in the country at 4.7 per cent followed by Vancouver at 4.1 per cent.

In Calgary, the average Class A rent for downtown space was $40.53 per square foot, down from $40.58 in the last quarter. However, it was still higher than the $35.51 average rent in the first quarter of 2012.

No comments

Post Your Comment:

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.