Things continue to point to a turnaround in the Calgary economy and by default the local housing market in the near future based on the latest downtown office space leasing numbers. The average amount of absorption in the core over the past 15 years has hovered around 750,000 square feet annually, this year there has been a record setting 2.2 million square feet of office space scooped up.
The energy sector is obviously the biggest player in the office boom as they ramp up for their forecasted real estate needs over the next 6-24 months and are banking space to ensure they do not end up in a compromising space scenario.
It will be interesting to see what the effect timeline will be in the local housing market as companies start filling their shiny new offices with desks and employees.
For more about the record-setting statistics as well the additional implications and information, click on the link below to read the full Calgary Herald article.
CALGARY HERALD ARTICLE