Commercial real estate in Calgary, the epicenter of the Canadian oil bust with 1.2 million people, is collapsing at a breath-taking rate.
Gets even gloomier, hammers ZIRP, starts selling.
Signs of a bust pile up.
This could get very ugly!
“All it takes is a couple of big tech companies folding and the floodgates open, causing the sublease market to blow up, rents to drop, and new construction to grind to a halt.”
Other tech-heavy office markets too.
Yahoo tries to “quietly” dump its Holy Grail property.
Last time a “plateau” was declared, the market crashed.
“If this isn’t the peak, we’re probably close.”
Intoxicating boom and terrifying bust.