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During the 12-mo period (June 2014 - 2015) Calgary's office vacancy rate rose to 11.5% from 8.3% due to cost slashing
“During the 12-month period that ended at mid-year 2015, the vacancy rate rose to 11.5 per cent from 8.3 per cent due to a substantial increase in vacant sublease space on the market,” it said. “As a result of a steep decline in oil prices since the fourth quarter of 2014, large energy companies have employed several defensive strategies to reduce expenses.
“These actions include cancelling or deferring capital expenditures, laying off staff and placing unused space on the sublease market. Sublease space, as a percentage of downtown vacancy, rose nine percentage points year-over-year to 40 per cent.”
Read the full article here.
“During the 12-month period that ended at mid-year 2015, the vacancy rate rose to 11.5 per cent from 8.3 per cent due to a substantial increase in vacant sublease space on the market,” it said. “As a result of a steep decline in oil prices since the fourth quarter of 2014, large energy companies have employed several defensive strategies to reduce expenses.
“These actions include cancelling or deferring capital expenditures, laying off staff and placing unused space on the sublease market. Sublease space, as a percentage of downtown vacancy, rose nine percentage points year-over-year to 40 per cent.”
Read the full article here.