Disinflation / deflation: empty floors new norm for Calgary tower owners

ochotona · Post by **ochotona** » Tue Nov 10, 2015 5:15 pm

(Bloomberg) -- Office-tower owners in Canada’s energy hub are about to feel the full force of the oil-price crash.Vacancy is already at a five-year high in Calgary and rents are the lowest since 2006 after thousands of office jobs were cut. Energy company tenants have now begun to ask for rental relief and are offering subleases for as little as half the going rate, according to real estate brokers including Jones Lang LaSalle Inc. and Avison Young Canada Inc.