How the Oil Bust is Crushing a Downtown of Office Towers

by Wolf Richter
Wolf Street

Amid record vacancies, Class A rental rates plunge 56%.

Commercial real estate, particularly office space, in Calgary, Alberta, the epicenter of the Canadian oil bust with 1.2 million people, is collapsing at a breath-taking rate. As companies in the oil & gas sector have downsized or gone out of business, 25,000 people who used to work downtown have lost their jobs.

Office vacancy rates have soared to 22%, the highest on record, according to the second quarter report by commercial real estate services firm CBRE.

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