Calgary's Downtown Empties . . . .

[errolanderson]

http://globalnews.ca/news/3001458/nearly-one-third-of-calgarys-office-space-could-be-empty-by-2018-real-estate-firm/

[mcfarms]

Last time this happened in the 80s I wanted to lease a building downtown and fill it with 40 story water slides.

[errolanderson]

Despite recession, YYC Calgary International airport will more than double in size Oct 31st when the new $2 billion international departure terminal is opened.

http://www.yyc.com/en-us/calgaryairportauthority/newinternationalterminal.aspx

[GDR]

Got an Aunt that owns a fair size oil and gas accounting firm downtown Calgary. At thanksgiving she said her office lease is up in the new year and they are not going to renew. Lots of clients have went belly up and they are gonna split the remainder up by their accountants to work from home and close the doors. Says it's getting ugly out there and the old game of mergers and takeovers is no longer viable because of the well abandonment policies, now the companies are better off to fold than be bought out.

[boarderbloke]

Thought this was about Prentice.

[Hamloc]

I think the fact that office towers in Calgary continue to lose tenants certainly shows that the unemployment rate in Alberta hasn't peaked yet. They were reporting on the news that it could take 15 years before this office space is full again. If I was an unemployed Albertan it would be tough to be optimistic.

[Retired]

Mabey to many were taking to much and now the host has expired,just saying.

[mcfarms]

Don not get me started n the issue of well abandonment, the Alberta taxpayers are going to be the hook for hundreds of millions and the offshore companies are going to sit back and laugh at us.

[GDR]

The abandonment is a huge issue. The changes were made to try to ensure taxpayers weren't the ones paying but from what I hear it kind of backfired and there are way more in the abandonment program than there is industry money to clean up. That's why the bankruptcies are a problem because that's where all those wells go both productive ones and unproductive ones when the company folds. Not exactly sure how it works but there is some formula that limits the amount of non producing wells vs producing ones in your holdings. That's why they don't want to buy the little guys anymore cause they are scared what they will get. Glad all the surface stuff on our land is the big players and not some peon you gotta chase for lease revenue.

[ajl]

This is just the start of a 30 year long depression that most on here will likely not live long enough to see the end of. The band was playing on the titanic went it went down. There is such a huge overhang of debt and asset bubble that it will take a loooong time to fix combined with aging demographics there is no escape. Locally here Perpetual energy wants to give the low productivity well to the municipality and then charge them an operation fee. So much for rural tax base. Heavy snow here is likely putting a fork in this years crop and will have 50 slough per quarter seeding session for next spring.

[SASKFARMER3]

Land values in Cities are set for reset and Next is land.

[sumdumguy]

SF3, probably not, they'll just reduce the interest rate and rob the seniors and the savers.