Calgary's downtown office vacancy rate has crept up to a new high of nearly 30 per cent. According to real estate brokerage company CBRE, downtown office vacancy rose from 27 per cent in the second quarter of this year to 28.7 per cent in the third. "We are just finishing off our sixth year of high vacancy rates in Calgary." The vacancy rate in Calgary's core has now risen from about 10 per cent at the end of 2014 to nearly 30 per cent today. Big drops in property assessments mean fewer tax dollars flowing from downtown office towers, but the city still has the same revenue demands.

Source: CBC News October 01, 2020 01:45 UTC