Flurry of office leasing activity for downtown Calgary
Record pace drives down vacancy rate
By Mario Toneguzzi, Calgary Herald
CALGARY — Calgary’s downtown office market experienced a flurry of leasing activity in the second quarter of this year, recording the largest ever level of absorption of space for a single quarter, according to commercial real estate firm Colliers International.
A report by the company said the city’s downtown office tenants continue to absorb office space at an accelerated rate and those still looking for quality space in new buildings may have missed the opportunity for now.
Nearly 1.2 million square feet was absorbed in the second quarter alone — the largest ever for a quarter — and that brought the year-to-date absorption to 1.5 million square feet, almost equal to that for all of 2010.
The vacancy rate has dropped from 15.22 per cent on July 1, 2010 to 7.79 per cent at the end of June this year.