A Canadian office property manager is reporting a net loss of $25.5 million dollars in the third quarter of this year, and part of the reason is the high office vacancy rate in Calgary.
The loss compares to a $50.3 million dollar profit for Brookfield Canada Office Properties in the same period last year.
In a release, Brookfield’s president and CEO stresses the company can manage the challenges in Calgary.
“Although challenging market conditions in Calgary had a negative impact on valuations, our vacancy and rollover exposure are manageable relative to the market and our premier portfolio is well positioned to attract tenants looking to consolidate and upgrade their premises, ” said Jan Sucharda.
The Vancouver based company says among it’s leasing highlights in the third quarter is an 11 year deal with the Scotiabank at the new Brookfield Place Calgary East tower downtown. Construction on the tower, which will be the tallest in Calgary, is slated for completion in late 2017.
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