Calgary office market down 17 per cent

The impact of the under-pressure oil industry continues to impact Calgary’s commercial property sector.

Real estate firm JLL says that the rental rates for offices in the city are down 17 per cent in 2015 compared to last year.

Average asking rent is almost half the $40 it was in 2007/8 and class A rents in the city have fallen more than 40 per cent since the start of 2015.

The report also noted that additional supply of sublease office space has impacted the Calgary market.

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