Canada is the world’s sixth largest oil producer. Oil makes up 25% of its exports.
Vacancy is already at a five-year high in Calgary and rents are the lowest since 2006 after thousands of office jobs were cut.
In downtown Calgary, the vacancy rate jumped to 14 percent in the third quarter, the highest since 2010 and compared with 5 percent for downtown Toronto, according to CBRE Group Inc. …. That doesn’t include as much as 2 million square feet of so-called “shadow vacancy” or space leased but sitting empty, which would push vacancy to 16 percent, the most since the mid-1980s.
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