A significant change has taken place in Calgary’s downtown office market with a whopping increase of sublet space in the first quarter of this year.
In Calgary, the sublet percentage of vacant space in the downtown market rose to 43.3 per cent this quarter from 8.7 per cent in the first quarter of 2012.
Nationally, there is 11.3 million square feet of office construction in downtown markets. The national vacancy rate is 6.2 per cent, up from 6.1 per cent in the previous quarter.
Toronto has the lowest downtown vacancy rate in the country at 4.7 per cent followed by Vancouver at 4.1 per cent.
In Calgary, the average Class A rent for downtown space was $40.53 per square foot, down from $40.58 in the last quarter. However, it was still higher than the $35.51 average rent in the first quarter of 2012.