Calgary’s downtown office vacancy could soon top 30%

Calgary’s depressed downtown office market is forecast to hit the 30 per cent vacancy level by commercial real estate firm Avison Young. In its Q4 and year-end 2020 report, AY predicts the city’s downtown will cross into unseen territory for a major office market in Canada within the next 12 to 24 months.

Todd Throndson, managing director, principal, for Avison Young in Calgary, said the market is being hit by the triple whammy of the struggling oil and gas industry, the ongoing pandemic and the related work-from-home trend.

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