Quote:
Originally Posted by wild wild west
CP Rail alone occupies 1 million SF in Gulf Canada Square. 3 million SF is a fraction of what much smaller cities such as Halifax and Winnipeg have - even though Calgary is the financial centre for Western Canada. Then there are all the other downtown tenants such as law and accounting firms, business services etc...Bankers Hall for example (2 million SF in both towers) is mostly banking, financial and business services. Again, the numbers just don't add up.
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I tend to agree. The numbers could be off. You've got insurance companies in there as well. Standard Life, Sun Life, Sovereign, etc... that have large amounts of space. The banks are pretty much here because of O&G.
There's no doubt that Calgary's downtown office space is dominated by O&G at them moment, but all of this building, will help diversify Calgary in the future.
-For example look at companies like Shaw. They got a sweet deal on their building when the bought it from Shell at a time when vacancy rates were high.
-Take CP, one of the benefits of Calgary that helped sway CP to move was the fact that they could get 1 Million sq ft of office space in one building.
-Calgary's infrastructure from a telecom perspective is the best in western Canada. Much of that is a result of the O&G industry, but it will help in diversification.