Some oil companies doing more with less

I just read from the Canadian Press,

"Calgary's third quarter (commercial) vacancy rate jumped to 13.1 per cent, from 4.7 per cent last year, due to the impacts of a slowdown in the oil and gas industry".

"...oil and gas industry and commercial market remained inexorably linked, as players both large and small continue to recognize that even Calgary has not been immune to the country's new economic reality"

The jump in the commercial vacancy rate does worry building owners and commercial Realtors. I do not debate there is a slow down in the oil and gas industry. However, this article is a bit too much doom and gloom.

Many companies are doing more with less space. I know of one oil company that reduced it's office space by 50%. The only changes, the CEO shares an office with his personal secretary. His office is now the board room. The employee lounge is now the computer room. All the files have been sent to a warehouse in the Foothills Industrial Park. The company has added 3 new employees and the stock is up 30%.

I know people are hurting, but in a quiet way things are getting better.

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