Cooling calgary economy hits commercial property market

Calgary's cooling economy has hit the commercial property market.

The value of a typical commercial property in the Canadian' city has fallend 4 per cent in the last year, according to city assessments, led by office properties falling by as much as 12 per cent over the same time period.

"Even within the office community, we really saw this as a downtown issue," city assessor Nelson Karpa tells the Calgary Herald. Indeed, three of the five properties with the most severe declines in value were located downtown.

Calgary Herald