In Canada’s Oil Capital, a Real Estate Glut Compounds the Misery
- Calgary’s downtown office vacancy rate could surge to 33%
- City needs oil rebound or more diverse economy, analysts say
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From the outside, the roughly diamond-shaped Nexen tower is one of the more recognizable features of Calgary’s skyline. On the inside, it’s a barren landscape. All 37 floors are empty.
Office landlords in major cities around the world are facing a hit from the coronavirus. In Canada’s energy capital, they’re suffering from a triple dose of misery: the pandemic, an oil crash and a severe hangover from a building spree.