Colliers believes high vacancy rates will continue to prevail in the near term, offset to some extent by new or emerging industries, and reverse migration by firms to the downtown core from the suburban office market.
- We continue to see reverse migration of beltline and suburban occupants into the downtown core in the wake of higher quality space in buildings flush with amenities, at attractive prices. The increase in property taxes to buildings located outside of the downtown core also contributes to this trend.
- Co-working companies continue to add meaningful new square footage in Calgary, which we see as a natural fit with highly cyclical industries like the Canadian oil and gas sector, and high growth or emerging technology companies.
- In a market where it is increasingly hard to attract and retain top talent and equally difficult to increase compensation for employees, greater focus is being placed on the interaction of space and building with the overall employee experience.
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