More than 10 million square feet of Calgary’s downtown office space sits empty, about a quarter of the total stock, and recent deals consolidating oil sands assets are likely to drive further staff layoffs and could exacerbate an already high vacancy rate.
Recent merger and acquisition activity could add to the sublease stock – with a Colliers International Group Inc. report pointing to Canadian Natural Resources Ltd. acquiring Royal Dutch Shell PLC oil sands assets, and Cenovus Energy Inc. buying assets from ConocoPhillips Co.
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