CALGARY DOWNTOWN NEW OFFICE DEVELOPMENT South Corp International Inc. Opening a new Office in Oktokos Alberta this fall Okatoks has been thriving in recent years, driven by dramatic growth in the oil industry along with a growing preference for living downtown. Activity has been robust across both the residential and commercial sectors, while also providing an impetus for the corresponding infrastructure required to support this growth. Calgary Alberta has built six new Class AA office towers with an aggregate 5.3 million SF of space have been completed since the financial crisis, vacancy rates are hovering near historical lows. This is particularly true of Class AA space, where there are few large blocks of space available. The shortage of space has prompted the next construction cycle which will begin in the third quarter of 2014 and end in the fourth quarter 2017. Assuming projects are completed on time, Calgary’s downtown office market will be the recipient of six buildings with 4.7 million SF of office space over little more than a two and a half-year span. For comparative purposes, this equates to 12.0% of the existing downtown office stock.
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July 17, 2015 Categories: