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Empty Floors, Shadow Vacancies New Norm for Calgary

  • Dream Office, Artis, Morguard among property owners affected
  • `We're at the highest point of fear and uncertainty'

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.