Calgary Economic Development says it could take 15 years to fill the all the recent vacancies in downtown office buildings in Calgary.
The vacancy rate for office space rose from 6.5% in November 2014 to 14% a year later, and now it sits at about 22% – the highest level in over 30 years.
Complicating it all, three new buildings are going up, including what will be the city’s tallest skyscraper – Brookfield Place.
It will open late in 2017, but construction and planning began before the current economic slump.
Mary Moran, with C-E-D, predicts the city won’t see another office highrise built for a decade.
She also says her organization is actively pursuing companies to move to Calgary.