Calgary downtown big trouble

Forget the Horizon, Downtown Calgary is in Big Trouble Right Now

Do you travel through or live in downtown Calgary? 

 

Do you glare at our skyscrapers and see only a few lights on? 

 

This is a tale of a cowtown that stopped producing milk, even our ranch has closed. If there was a light at the end of this tunnel, not even our top economic spokespeople can offer any of us a realistic answer for where we are at now, or when we will even see the light. The economic destruction from COVID-19 continues to ravage the health of local businesses and almost every other industry that calls our city home. With that, there is a lot more to the story that reaches beyond March of this year. The question is, what does a pillar city in Canada do when their downtown is empty and graduates continue to emigrate?

 

Recent data from the CBRE from Q3 of 2020 show the office vacancy in downtown Calgary has hit 28.7%. That number may seem irrelevant without comparison to other metropolitan places in the country. The chart below shows the office vacancy percentages based on data collected of unused office space by square footage in the downtown core in each identified city.

Originally published 2020/11/05