~31% total vacancy downtown and over 16% for AA buildings. The only reason Suncor would want to build a highly efficient building would be to meet their net zero by 2050 goal, as opposed to kicking in cash and improving their current space. Only problem with the new building is it creates a vacuum of backfill space if they do build the new office. Realistically, not a single square foot of office space should be built until AA class buildings are like 4% vacancy and overall vacancy is ~15%, so at current net absorption rates and shifts towards WFH, a good strategy is that we should break ground on a new downtown office not a day before Jan 1, 2075.I dunno, even though there’s a population boom it doesn’t seem to be translating into jobs in the oil industry, and thus not driving growth in downtown office jobs.
I could be wrong though. I haven’t seen any recent numbers for office space vacancy.