Thursday, July 24, 2008

Oil Fuels Calgary's Office Space

"The energy sector, and the related services to it, are the prime drivers of office space demand in the downtown core without question,"

"We're also seeing growth in the financial services sector as well. And we're seeing a lot of interest as the capital budgets continue to increase for not only conventional, but also oilsands related development, and the staggering budgets for those projects. The financial services sector is also increasingly looking, from frankly around the world, (to locate) branches here and increasing the size of the offices they have here." Richard Pootmans, business development manager of real estate for Calgary Economic Development.

So the market isn't totally in the dumps (I don't believe it is and this is further proof to the point) if you are buying in the right sector. I am sure as Calgary's office space starts to feel the pinch Edmonton's market will pick up.

Read Article Here

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