Downtown Calgary office vacancy rates see small improvement yyc yycbiz
Mills said it will take a number of approaches, including more conversions and renovations as well as potentially a few demolitions, to properly address vacancy rates in the core.
Pictured is Palliser One , one of the first three approved projects of the Downtown Calgary Development Incentive Program, on Wednesday, April 27, 2022.A key indicator of the recovery of the core — which was hit hard by the recession in 2015, coupled with the pandemic — is that rents are starting to increase. But they remain affordable, and in some cases cheaper than office space in the suburbs and outside of the core, which may help drive companies to the towers.
Much of the new construction is already being scooped up, with prospective tenants forced to look further into the future to find appropriate space.Article content Most of the space is warehousing as opposed to manufacturing, due to the development of e-commerce through the pandemic. While there have been major developments from the likes of Amazon and
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