The continued slide in Alberta’s economy has led to one of Canada’s largest owners of office space slashing the value of its Alberta properties.
Dream Office Reit has written down the value of its Alberta holdings by about 43%.
Its investment properties include the HSBC Bank Place in Edmonton and the Dominion Centre in Calgary.
They say the economic uncertainty in Alberta could be prolonged and the property values could drop further.
Calgary’s downtown office vacancy rate is estimated to be over 20%, for the highest vacancy rate in more than 30 years.