Quote:
Originally Posted by Innsertnamehere
sure, encanas old space is leased. but where will the companies moving into their old offices move from?! their offices will be empty. i see caltrane's point. somewhere in calgary some office is going to be sitting empty when the bow comes online. whether it is encanas old office doesn't matter.
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This logic assumes that there has been no growth (ie real absorb.) in the Calgary market, which is certainly not the case. Total occupied space downtown now exceeds levels seen during the last boom in 2007/8. The oil companies are growing, hiring and leasing space (and in turn companies that service the energy industry, financial companies, insurance companies, law firms etc are also growing). Yes there is a lot of shuffling around of tenants (particularly in that "flight to quality" many talk about, but there is also a lot of new growth happening.
There are 3 major towers ready to go with DP's as we speak (EAP2, City Centre and Oxford's Eau Claire Development). Dont be surprised when one or more are given the green light in the next 6-12 months.