Calgary is expected to experience the tightest office market in the country by the end of 2012, with Class A vacancy “scraping the bottom of the barrel at 1.2%,” says a report released earlier this week by Cushman & Wakefield.
The report says the City’s office market is once again in the midst of a boom cycle and competition for skilled labour is becoming “fierce.”
Bob MacSougall, senior managing director for C&W Calgary, said high oil prices, combined with strong continued capital investment in heavy oil products in northern Alberta have been the primary drivers behind the strong office demand.
Tags: Alberta, Calgary, Investment, Local Economy, Office Space, office vacancy, Oil and Gas, Real Estate