Downtown offices on the road to recovery despite headwinds yyc yycbiz
Downtown office vacancy dropped 2.5 per cent over the past 12 months to 27.2 per cent — a 0.3 per cent improvement from the third quarter. Class AA properties lead the way with a 2.9 per cent drop to 14.8 per cent over the same period.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
One of the bigger challenges for the latter is replacing tenants who leave for the higher amenity spaces, he said.Article content The year-end numbers would have been higher had it not been for a negative absorption of 219,840 square feet in the fourth quarter in the core — the bulk of which was in class A buildings representing 329,809 square feet. Meanwhile, there were 81,147 square feet of positive absorption in class B offices.The drop in absorption overall was due to companies rightsizing coming out of the pandemic, and adjusting to new workplace realities and structures.
Hayes said there will likely be more of this in 2023 as more leases expire. The decision facing companies is whether they can find space in the core to meet their evolving needs and demands of employees to attract them back downtown, or if the status quo or possible reinvestment in their current space will suffice. Also factoring in to discussions is the cost of in-office construction, which has skyrocketed over the past few years.
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