Calgary commercial rental rates decline

Rental rates for all commercial property in Calgary have fallen sharply as landlords seek to attract new tenants and retain their existing ones.

A report from Newmark Knight Frank Devencore shows that rates have dropped across the sector with AA class down from $37.40 per square foot in the fourth quarter of 2014 to $28.35 in the second quarter of this year; A class down from $30.15 to $23.30; B class from $22.25 to $20.20; and C class from $17.35 to $15.90.

Michael Gigliuk, the Calgary VP of Newmark Knight told the Calgary Herald: “The landlords are seeing a real significant lack of activity and also they’re seeing the reports of the rising vacancy. Now it looks like they’re positioning themselves for the slowdown.”

With oil prices continuing to show volatility, vacancy rates and rents are not expected to see an uptick for some time. 

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