Quote:
Originally Posted by Zarley
Stantec (along with Kelly Ramsey and CofE) is going to tank the Edmonton office market for years to come. I see why they're building it (to consolidate fragmented space), but there is no way that market can absorb 1.5 million sq.ft. of new space in a normal leasing environment, let alone a downturn.
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This is bang on. The Edmonton office market is already in the tank and they are delivering 1.5 million of new space? Calgary is overbuilt but when oil comes back (fingers crossed) space gets eaten up at a rapid pace. Edmonton is more steady and absorbs roughly 150,000 SF per year. It will be 10 years before this building if fully absorbed.