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Fears Over Widespread Fallout in Commercial Real Estate From Falling Oil Prices Prove Largely Unrealized in Top Energy Markets
Toronto, September 24, 2015 – After a year of sliding and volatile oil prices, the commercial real estate fallout in energy markets is mixed across North America and by property type, but fears about widespread adverse impacts have not been realized, according to a new report from CBRE Group, Inc. Even so, continued price volatility and uncertainty could impede market performance moving forward, the report says.
“The precipitous drop in oil prices has had a mitigating effect on Calgary’s commercial real estate market. Downtown office has been hit the hardest, with a large increase in the amount of sublease space. However, we have not yet seen a substantial drop in head lease rates,” said Greg Kwong, CBRE’s Regional Managing Director for Alberta.
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