Calgary’s downtown office market saw leasing declines for a second straight quarter at the end of 2014 as space demand remained muted, says a new report by commercial real estate firm Cresa.
The negative absorption of almost 551,000 square feet was the single biggest quarterly drop since the first three months of 2009, it said. Overall leasing in 2014 was negative 398,000 square feet, and the trend is continuing into 2015.
“What we’ve seen in Q4 will definitely trickle over to Q1 and maybe even beyond that,” said Adam Hayes, a principal in Cresa’s Calgary office. “We’ve seen waning demand almost to the point of no demand.
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