Canadian Office Space Market

[ibz]

The only remaining available space of Encana's that is being left behind is Encana Place across from the Palliser. All of other other remaining space currently occupied by Encana/Cenovus is leased (Bankers Hall, TD Canada Trust Tower, One Palliser). The opening of the Bow will have virtually zero effect on the Calgary office market. In case you were wondering...even Encana themselves who created this project to consolidate office space has leased over 300,000 sf in Telus Tower as there is not enough space in the Bow to accomodate their requirements.

EAP2 will start construction in early 2012, deals are being signed now. Most other Landlords with active development sites will be very actively marketing new projects. There are 3 'known' companies looking for 500,000+ sf right now and many many more looking for other various sizes of significance. That sub % vacancy rate will continue to drop rapidly.