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Office Asking Net Rents on Rise in Calgary: JLL
Calgary office net asking rents increased across all classes in the second quarter, says a new JLL report.
Heavily dependent on the energy industry, Calgary’s office market has been decimated in recent years by the COVID-19 pandemic and severe oil and gas price disruptions.
“The class A market will continue to have the highest demand downtown, especially in the central core,” says the report.
Northwest class A average net asking rates jumped 24.8 per cent to $19.74 from $15.82 in the first quarter. JLL attributed increases in suburban markets to a flight-to-quality trend seen downtown.
Year-to-date net absorption fell 218,084 square feet (sf) as construction was flat and total availability declined 21 per cent. The Alberta government removed 200,00 sf of class A office space from the market by purchasing a building from Smart Technologies.
Located in the university district, the property will be converted into charter schools.
- ◦Lease
- ◦Sale/Acquisition
- ◦Economy